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1st LD Writethru: Gold up for seventh session in row

Xinhua, January 21, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as uncertainties about quantitative easing in the euro zone drove investors into lower-risk assets.

The most active gold contract for February delivery rose 17.3 U. S. dollars, or 1.35 percent, to settle at 1,294.20 dollars per ounce.

The European Central Bank (ECB) is expected to unveil a stimulus program on Thursday that many experts believed will include a quantitative easing program. Analysts believed that investors will hang on to gold until there is more clarity on the bloc's monetary policy.

Further compounding gold's rise is a Greek election due on Sunday, which polls indicated the anti-bailout party will win.

Additionally, the International Monetary Fund on Tuesday lowered its forecast for global economic growth in 2015.

Gold's rise may have been very slightly capped by good news out of a report by the National Association of Home Builders, which shows the housing market index reading at 57 in January and an upwardly revised 58 in December. This report was better than expected, but analysts believed that its effect on the market may be very minimal with uncertainties high over the ECB and Greek election.

Silver for March delivery increased 20.6 cents, or 1.16 percent, to close at 17.956 dollars per ounce. Platinum for April delivery gained 17.2 dollars, or 1.35 percent, to close at 1,286.60 dollars per ounce. Endite