(Kitco News) – Gold prices enjoyed a late-week surge as concerns about the global economy reinvigorated flight-to-quality buying, building on the recent short-term higher trend seen in the metal. If those concerns spill into next week, gold may continue its ascent, particularly as technical charts show support, but market participants said traders should stand on guard in case profit-taking occurs following Wednesday’s Federal Open Market Committee meeting. February gold futures rose Friday, settling at $1,264.30 an ounce on the Comex division of the New York Mercantile Exchange, up 1% on the week.
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