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Has gold hit bottom? As big investors rush out, consumers rush in
Saturday, April 20, 2013 0:03
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Gold traders are divided on whether bullion will extend declines after the biggest plunge in three decades generated ‘extraordinary’ buying from investors and jewellers.
Fifteen analysts surveyed by Bloomberg expect prices to rise next week, 14 were bearish and a further five were neutral. Gold tumbled 13% in the two sessions through April 15, the biggest drop in 33 years, on concern European governments would follow Cyprus in selling off reserves, while an unanticipated slowdown in Chinese growth sparked declines across commodities. In the past four days, bullion has rebounded about 3.7% on the Comex in New York.
