Gold eases after rally; Iran tensions support
1/4/2012 12:42:27 PM
SINGAPORE: Spot gold lost half a percent on Wednesday, shedding the previous session's strong gains on encouraging economic data from the United States and Europe, although the fall may be capped by rising concerns on Iran.
Bullion began the year by recouping all of last week's losses to post its largest daily rise since Oct. 25 and analysts say gold may benefit from its safe haven appeal despite concerns about the euro zone debt crisis. "Gold may not be a safe haven in financial turmoil, but it does seem to function as a safe haven against real-world geopolitical risks," said Nick Trevethan, Senior Commodity Strategist at ANZ.
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