Gold prices firmer

Gold prices firmer

Gold finished the session slightly firmer, consolidating Wednesday's sharp gains in brisk trading, dealers said. The metal closed at $389.50, up on Wednesday night's close of $389.

Wednesday's gains were triggered by a shortage in New York and London, which took spot prices above forward prices for the first time since a brief period in the 1970s and ensured a subsequent rally. The Bank of England considered putting out a statement dismissing rumours that a bullion bank was on the brink of collapse but decided that such a statement was unnecessary.

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