Gold Rallies to Above $1230 Ahead of Chinese New Year

Gold enjoyed its third straight session of gains on Monday with industry experts predicting a little more shine for the precious metal with the Chinese holiday period just around the corner.

The price of spot gold rose by around $6 at the start of the session before easing back a little as European trading hours got under way. The price was at $1,232.40 per ounce by 12.30 p.m. GMT and has clocked a gain of over 4 percent since the start of the year.

Brad Gordon, the CEO of Acacia Mining – a gold mining business operating in Tanzania – said that the feeling in his industry was generally subdued but it is still optimistic that the price was about to head higher in the short-term.


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