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Gold scores biggest gain of the year, crude drops on eurozone concerns

Last updated: 14:35 26 Feb 2013 EST, First published: 15:35 26 Feb 2013 EST

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Gold futures tallied their biggest one-day gain of the year Tuesday, rising $28.90, or 1.8%, to settle at $1,615.50 an ounce on the Comex division of the New York Mercantile Exchange.

The yellow metal was boosted by Bernanke’s support for the Fed’s monetary policy, and it also gained on uncertainty from Italy following inconclusive election results. 

Crude-oil futures, meanwhile, posted their lowest settlement of the year, as the dollar gained strength and as Italy’s political turmoil fuelled concerns over the eurozone’s economy and energy demand outlook.

April crude lost 48 cents, or 0.5%, to settle at $92.63 a barrel on the New York Mercantile Exchange - the lowest close for a front-month contract since late December. 

The loss for oil came in spite of better-than-expected U.S. economic data, including housing reports and consumer confidence this month. 

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Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) co-chair and acting CEO Mike Spreadborough joins Jonathan Jackson in the Proactive studio to discuss promising gold outcomes from recent reanalysis of drill intercepts in a 2023 program at Nunyerry North in Western Australia. Using advanced...

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