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Gold Ticks Up In Asian Trading

3/1/2012 1:48 AM ET

The price of gold was ticking higher in Asian trading Thursday after falling heavily in the previous session.

Gold for April delivery, the most actively traded contract, added $6.40 to $1,717.70 an ounce. Yesterday, gold suffered its biggest one-day loss in over six months, shedding over 4%. Gold prices dropped sharply with the dollar gaining strength after the U.S. Federal Reserve Chairman Ben Bernanke warned of lingering weakness in the jobs market, while downplaying the unexpected economic growth in the final quarter of 2011.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up from 1,284.61 tons to 1,293.68 tons, its highest level in 3-months.

by RTT Staff Writer

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