Bullish bets in gold at their highest level in 5 months

Investing in metals

FUNDAMENTALS

Spot gold was little changed at $1,712.36 an ounce by 0041 GMT, after posting a weekly decline of 3.9 percent in the previous session.
U.S. gold edged up 0.2 percent to $1,713.80.
Spain set itself a softer deficit target for 2012 than originally agreed under the euro zone’s austerity drive, putting a question mark over the credibility of the European Union’s new fiscal pact.
Money managers, including hedge funds and other large speculators, raised their bullish bets in gold to the highest evel in five month in the week of Feb. 28, as prices surged more than 4 percent to three-month highs before they corrected sharply.
Investors will be watching China’s annual meeting of parliament, the National People’s Congress, for hints of policy shifts that will direct the cause of the world’s second largest economy

March 4, 2012 | View: 1593 | Tags: precious, metals, silver, gold, coins, bars