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Gold Extends Gains

The price of gold was extending gains Thursday morning as the U.S. dollar weakened on reports that the Federal Reserve will extend the Operation Twist stimulus program beyond June.

Gold for April delivery, the most actively traded contract added $6.40 to $1,777.70 an ounce. Yesterday, gold ended at a fresh 3-month high as investors sought the precious metal as a safe haven amid euro zone concerns and some weak economic data from China..

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged ta 1,281.59 tons.

This morning, the U.S. dollar slipped back to a 2-month low versus the euro and ticking lower against sterling. The buck moved back to a 3-month low against the Swiss franc and leveling off from its 7-month high versus the yen

In economic news from the euro zone, German business sentiment improved more than expected in February, according to a survey from the Munich-based Ifo institute. The confidence index rose to 109.6 from 108.3 a month ago. Economists had expected the index to climb to 108.8.

The prices of silver and platinum were moving higher in morning deals.

From the U.S., the labor Department will release its customary weekly jobless claims data at 8.30 a.m. ET. Economists expect the claims to edge up to 355,000 from 348,000 for the previous week.

by RTTNews Staff Writer

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