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Gold Moves Higher Again
by RTTNews

Gold continued its rebound from last week's sharp plunge with another strong session on Wednesday. May gold closed at $949.20, up $14.20 on the session. Prices reached as high as $952.50, a one-week high.

The rally added to gains from Tuesday, when gold added $16.30. The precious metal's hedge value was boosted as a report showed consumer confidence deteriorated much more than expected in the month of March. The Conference Board said its consumer confidence index fell to a reading of 64.5 in March from a revised reading of 76.4 in February.

The precious metal dropped $1.30 on Monday and moved more than $130 an ounce away from the record high of $1,033.90, reached on St. Patrick's Day.

Gold hit a monthly low on Thursday after dropping by $61.60 on Wednesday and another $25.30 on Thursday, as traders reacted to the Federal Reserve's decision to reduce interest rates by 75 basis points. Wednesday's fall marked the largest single-day drop for gold in 17 years.

On the economic front Wednesday morning, the Commerce Department released its advance report on durable goods orders in the month of February, showing that orders for goods meant to last for at least three years fell unexpectedly. The report showed that orders for durable goods fell 1.7 percent in February following a revised 4.7 percent decrease in January. Economists had been expecting durable goods orders to edge up 0.8 percent compared to the 5.3 percent decrease originally reported for the previous month.

Also, new home sales showed a notable decline in the month of February, according to a report released by the Department of Commerce on Wednesday, with new home sales falling for the fourth consecutive month. The report showed that new home sales fell 1.8 percent to an annual rate of 590,000 in February from a revised January rate of 601,000. Economists had expected sales to fall 1.4 percent to 580,000 from the 588,000 originally reported for the previous month.

Gold's hedge value was boosted by rising crude oil prices, which topped $105 a barrel after the weekly inventory report. The report from the Energy Information Administration showed that crude oil inventories were unchanged at 311.8 million barrels.

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