Gold futures jump more than $30 an ounce

Posted by Marketwatch

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SAN FRANCISCO (MarketWatch) — Gold futures climbed by more than $30 an ounce on Tuesday, with analysts attributing the rally to short covering as investors continued to speculate whether the Federal Reserve will begin scaling back its bond-buying program as soon as this month.

The gains for gold and silver are “no doubt due to a large extent to speculative financial investors covering their short positions, having previously built up record-high bets on falling prices,” wrote analysts at Commerzbank AG in a note to clients.

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