By Frank Tang | Reuters
Gold rose 1 percent on Friday, rebounding from losses earlier this week that sent the market briefly into bear territory, and the metal sealed its 11th consecutive year of gains.
Bullion posted a gain of 10 percent for 2011, its smallest annual rise in three years. It remains down 18 percent from a record $1,920.30 set in September, and finished the fourth quarter with its first quarterly loss in more than three years.
Analysts said a rebound rally is possible in the near term but gold is far from retesting all-time highs.
“Gold’s technical set-up since late yesterday could be the start of a bullish reversal and a short-term bottom,” said Michael Matousek, senior trader at U.S. Global Investors Inc (GROW.O), which has $2.5 billion in assets.
Spot gold rose 1.2 percent to $1,564.69 by 2:26 p.m. EST (1926 GMT), but it has limped into the end of the year with a 10 percent drop in December.
To read more, visit: Â http://www.reuters.com/article/2011/12/30/us-markets-precious-idUSTRE7AK1M520111230
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