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Gold nearly flat on session, up three percent for the week

08-25-2012 04:55 BJT

CHICAGO, Aug. 24 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange inched up Friday, following Thursday's rally, as a stronger dollar limited gains.

The most active gold contract for December delivery edged up 0. 1 dollars, or 0.01 percent, to settle at 1,672.9 dollars per ounce.

Gold traded at a narrow range Friday, as investors digested this week's strong gains. The precious metal has risen about 50 dollars since Monday, and on Thursday closed at its highest settlement since April.

Gold continues to take strength from ideas that the U.S. Federal Reserve could institute more economic stimulus measures at the central bank's next policy meeting in September. Quantitative easing is a positive for gold, as the precious metal typically rises on fears of inflation.

Outside market conditions were mixed, as the session saw gains in the U.S. stock market, but slight weakness in crude oil. A higher dollar also curbed gold's rise for the day, as a stronger greenback makes commodities more expensive for holders of other currencies.

Silver for September delivery rose 16.5 cents, or 0.54 percent, to close at 30.621 dollars per ounce. For the week, silver rose almost nine percent.

Editor:James |Source: Xinhua

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