By Barani Krishnan
Investing.com — Gold longs haven’t been able to crawl out of the mid-$1,600 hole they fell into a month ago.
The yellow metal did manage a positive showing, despite a terrible week last week, which was its worst in two weeks. However, its gain this week was small.
Gold’s benchmark futures contract on New York’s Comex, , settled Friday’s trade at $1,656.30 an ounce, up $19.50, or 1.2%, on the day. It gained $7.40, or 0.5%, for the week.
Last week, December gold lost just $60, or 3.5%.
The, which is closely monitored than futures by some trader, was at $1654.24 by 15:00 ET (1900 GMT).
“Gold’s line in the sand was the $1,620 level and it seems prices are getting safely further away,” said Ed Moya, analyst at online trading platform OANDA.