Speculation also said investors were preparing to unload the yellowish metal, which came less than 2 percent of the all-time record high of $1,577.40 per troy ounce early last month. One observer, economist and author Dennis Gartman of the Gartman Letter, said the commodity's steep dive on Thursday exposes "even more severe weaknesses" that will bring the metal lower than $1,480 per troy ounce within weeks.
"We rose too far, too fast," according to an email from investor Jim Pogoda, formerly a precious-metals trader for Mitsubishi International. Despite that belief, he said, "the bullish arguments – euro-zone debt fears, continued unrest and potential for spreading in the Middle East and north Africa region, and poor long-term prospects for the dollar – remain intact."
At 8:32 a.m. on Friday, gold futures climbed 0.15 percent, a $2.30 increase to $1,535 per troy ounce.
The dollar rose in value, which typically pushes down gold futures' price, MarketWatch reports.
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