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Metals Stocks: Gold resumes rally, takes aim at highest level in nearly a year

Gold climbs Thursday, resuming its recent rally to take aim at the highest prices in nearly a year, a day ahead of monthly data on U.S. employment that are expected to offer a hint on the Federal Reserve’s next move on monetary policy.

Gold prices have settled above the key $1,300-an-ounce level in each of the past three sessions, finding support from so-called short covering, an increase in long positions and a generally positive price outlook for the metal, said Chintan Karnani, chief market analyst at Insignia Consultants. Short covering refers to traders with bearish bets, borrowing an asset expecting its prices to fall and returning it to the lender while making a profit, being forced to buy those assets in the event of price increases.

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