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. Last Updated: 07/27/2016

Spot Gold Falls As Profits Rise

LONDON -- European spot gold eased Wednesday as profit taking took some wind out of a recent rally that has pumped bullion prices nearly $20 or 6 percent since the start of the month.

After relatively calm overnight markets in Asia, by morning spot gold fell to $286.80/$287.30 an ounce against New York's $288.60/$289.60 close on Tuesday.

"Some selling set in as we neared the $292 resistance and gold moved back lower after a long battle in the $290 area," said one European analyst.

"After three days of rally we expect gold to consolidate today. Our sentiment remains positive and we expect gold to continue its way higher within the next few days," said the analyst, adding that a close over $290 would confirm the bullish technical picture but add psychological confidence.