Gold may go above $1,200 an ounce

Gold futures for December delivery rose $12.70 on Friday to settle at $1,183.90 an ounce from the days low of $1167.98 as worse-than-expected US second quarter GDP data revived demand for safe-haven assets. The most active gold contract for December delivery moved in a wider range, hitting a low of $1,169.98 in early trade, and bounced back to the days high of $1,184.50 on short-covering.

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