PRECIOUS-Gold pauses after rally, still set for strong week

by Clara Denina, Reuters  |  published on April 26, 2013

LONDON – Gold edged down on Friday as investors booked profits after a 10-day high hit in earlier trade yet remained set for its biggest weekly gain in more than a year.

Bullion still attracted physical buying in Asia even though the price had rebounded some 75 percent from a two-year trough of $1,321.35 hit last week, with dealers reporting a shortage in gold bars, coins and nuggets.

China, the second-largest gold consumer after India, will be on holiday for three days next week for the May Day break, possibly removing significant physical support from the market, traders said.

Gold rose to its highest since April 15 at $1,484.81 an ounce in Asian trading, but came under pressure later, down 0.2 percent to $1,463.71 by 1202 GMT.

It was poised to post a gain of around four percent for the week having posted its biggest daily rise since June at 2.5 percent on Thursday.

U.S. gold futures for June delivery rose as high as $1,484.80 an ounce before falling back to trade little changed at $1,462.40.

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