by David Levenstein, MineWeb.com
As gold prices continue to hover around the $1240 an ounce level, demand for the physical metal remains extremely robust especially demand from China. Yet, despite reports of strong demand, prices still seem to be taking the lead from traders reacting to announcements from central banks, particularly the US Federal Reserve and certain non-related economic news.
After gaining for most of the month, the price of gold notched up its first weekly drop in six due to further signs of U.S. economic growth, concerns over the U.S. Federal Reserve’s withdrawal of monetary stimulus and a slump in Chinese demand.
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