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1st LD Writethru: Gold ends 7-day rally on profit-taking

Xinhua, March 28, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange snapped its 7-session winning streak on Friday as investors took profit from recent gains.

The most active gold contract for April delivery lost 5 U.S. dollars, or 0.42 percent, to settle at 1,199.80 dollars per ounce.

During its 7-session rising, April gold logged a total gain of 4.9 percent. For the week, the price was poised for a gain of 1.28 percent.

Analysts said the recent advance in gold is mainly due to the European Central Bank quantitative-easing program. Meanwhile, increasing tensions in the Middle East and Greece's debt crisis also drove investors to the safe haven assets.

The U.S. Commerce Department said on Friday that the economic growth expanded at an annual rate of 2.2 percent in the fourth quarter of 2014, unchanged from the second estimate released last month. Gold market did not react much to the news.

The greenback is the major factor influencing the gold, many traders said. Gold and the dollar typically move in opposite directions, which means if the dollar continues to move higher, greenback-denominated gold futures will become more expensive and less attractive for buyers.

Silver for May delivery dropped 7.1 cents, or 0.41 percent, to close at 17.069 dollars per ounce. Platinum for July delivery shed 14.1 dollars, or 1.22 percent, to close at 1,140.5 dollars per ounce. Endite