Gold’s 10 percent gain in 2011 extends run to 11th year

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.

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via Gold’s 10 percent gain in 2011 extends run to 11th year | Reuters.

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