MTECHTIPS;- Gold rises sharply amid post-Christmas bargain buying

MTECHTIPS;- Gold rises sharply amid post-Christmas bargain buying

MTECHTIPS- Gold prices rose sharply on Tuesday, as some investors emerged out of the holiday lull to hunt for bargains as the market entered the last trading stretch of the year. Gold for February delivery on the Comex division of the New York Mercantile Exchange rose by as much as 1.6% to a session peak of $1,151.70 a troy ounce, a level not seen since December 14. It was last at $1,144.15 by 7:15 AM ET (12:15 GMT), up $10.55, or 0.93%. Prices of the yellow metal sank to an 11-month low of $1,124.30 earlier in December. The precious metals market was closed on Monday due to the Christmas holiday. Trading volumes are expected to remain light due to the holiday period as many traders already closed books before the end of the year, reducing liquidity in the market and increasing the volatility. Gold futures are on a seven-week losing streak, the longest down stretch in more than 12 years. Prices of the yellow metal have fallen sharply since Donald Trump was elected president as a soaring U.S. dollar, rising Treasury yields and a record-breaking rally on Wall Street have damped its appeal.

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