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You are more than welcome to come and sell your gold in person at our premises anytime
Monday to Friday 10am to 4pm.
FREE PARKING ON SITE
(WE ARE CLOSED WEEKENDS AND BANK HOLIDAYS)
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London 22/02/2012 - Gold edged lower in Europe on Wednesday morning, consolidating after hitting multi-week highs in the previous session and likely to remain rangebound over the coming hours.
Spot gold fell $2.60 to $1,754.70/1,755.50 per ounce, retreating slightly after yesterday's gains.
"Over the next few days, it will be important to see if gold can sustain prices above $1,750," broker Credit Suisse said. "If it can, it would be a very positive harbinger for trading in the weeks ahead."
Prices, which had attempted to test key resistance at $1,750 several times over the past two weeks, finally managed to break above that level in the previous session, hitting a three-week high of $1,760.30 at one stage.
Silver fell 22 cents to $34.06/34.12 per ounce but had risen to a two-week high of $34.46 per ounce in the previous session, while palladium edged $2.90 lower to $708.20/713.20 after hitting a 10-day peak of $717 in earlier trade.
"Gold, silver and palladium now find themselves bumping against the top of their recent ranges, and we will be looking at least for consolidation around these levels today to confirm yesterday's move as more than a flash in the pan," a trader said.
The wider backdrop is also encouraging, with eurozone debt concerns less pressing for now, analysts said - equities are largely steadier in Europe and the euro is holding at a stable 1.3255 against the dollar.
On Tuesday, European finance ministers agreed a 130 billion euro ($170 billion) bailout deal aimed at avoiding bankruptcy in Greece.
"With the Greek bailout negotiations out of the way, market participants are stepping up their exposure again," Credit Suisse noted.
But the possibility that Greece will ultimately default and of debt contagion elsewhere in the eurozone continues to hang over the markets.
Meanwhile, China's HSBC Flash Manufacturing PMI for February was soft. The early indicator of Chinese manufacturing activity in February came in at 49.7, which indicates that activity in the sector shrank for the fourth month in a row.
Later on Wednesday further key data releases are scheduled - February PMI data for France, Germany and the EU as a whole, while US releases resume with January existing home sales figures.
Elsewhere, platinum was flat at $1,688/1,698 per ounce, having gained $47 or 2.9 percent to a five-month high of $1,692.30 yesterday. Platinum gains have narrowed the platinum/gold ratio further to 0.97 for the first time since the end of September.
The platinum market remains constrained by continued supply disruptions in South Africa, where a strike at Impala Platinum's Rustenburg operations entered their fifth week, with losses having now surpassed 80,000 ounces.
"Because the unions are also in dispute among themselves, the strike looks set to continue for the time being, which should lend further support to the platinum price," broker Commerzbank said.
"Palladium, its sister metal, is likely to be pulled upwards in platinum’s slipstream, though here too we may see a noticeable tightening of supply during the course of this year," it added.
According to Russian news agencies, Russia will no longer sell significant quantities of its state palladium reserves.
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