Dubai Chronicle
May 15, 2011

Gold temporarily succeeded to recover some of the losses from the sizeable sell-off in early May, but fell back late Friday to end the week unchanged.

Bearish sentiment constrained gold to a weekly low of around $1479 on Thursday. However, the metal found good support at its 15-week uptrend line and rebounded, temporarily at least, back above $1500.

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Physical demand for gold has raised in the Far East and Asia. Despite the 5% correction seen at the start of the month analysts continue to predict prices around the $2000 level at least by next year.

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