SPOT GOLD PRICES drifted in thin trade on Friday, bouncing off yesterday's low at $930 per ounce as crude oil ticked down and the US Dollar held flat after Thursday's 1.2% jump. New York was closed for the long Independence Day weekend. " Gold is still holding onto its recent extreme gains very well," noted the Mitsui team here in London this morning. "[But] from here we would have to point out that the resistance in gold at $945 remains very much a barrier to higher prices for now." Three times this week the Gold Price broke but failed to hold above $945 per ounce – a level it briefly held for two days in mid-April when retreating from the all-time record high of $1,032 touched on March 17th. With New York now closed for the Fourth of July holiday, gold-dealing in London was "quiet and lacking movement," according to one...
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