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Gold price ends week at $1260 with some bullish on the metal to go higher

The price of an ounce of gold hit $1260 on Friday which is a two week high, with some analysts eyeing that the metal could go higher in the next week as a majority of participants in the weekly Kitco News Gold Survey forecast higher bullion prices.

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Forex Gold Index (pm fix) $/oz closed Friday at $1259.25 an ounce whilst the US dollar traded marginally lower against a basket of other currencies.

Kitco News Gold Survey

In the latest Kitco News Gold Survey, out of 33 participants, 23 responded this week. Sixteen see prices up, while four see prices down and three see prices trading sideways or are neutral. Participants who see higher values said gold prices continue to hold in a series of lower lows, which bodes well for the yellow metal.

“The market is climbing up a trend line and the 20-day moving average, and does look like it wants to trade higher. When it trades through $1280, there should be a quick move to $1300 plus, maybe $1,313 or even $1,335. The dollar remains as the most important influence for gold, but the correlation to equities seems to be lessening somewhat. Gold will close well above last week’s close of $1,239 and I expect it (will) be higher next week,” according to Frank Lesh, broker and futures analyst with FuturePath Trading.

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