Gold settles at highest level of the week

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Gold settles at highest level of the week
SAN FRANCISCO (MarketWatch) -- Gold futures to their highest level of the week, finding support from disappointing U.S. economic data as the recent selloff -- and lower prices -- lured buyers. June gold added $9.80, or 0.7%, to settle at $1,392.50 an ounce on the Comex division of the New York Mercantile. "The futures-market-led attack on the gold price backfired to some extent, as the widespread buying of physical gold induced by this price anomaly will now start to drive the price upward," said James West, portfolio adviser to the Midas Letter Opportunity Fund.

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