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Gold soars despite investor exodus from metal-backed ETFs
Despite gold hitting a series of record highs last week, the precious metal is doing it without the support of most investors, as the outflow of metal from metal-backed Exchange Trading Funds (ETFs) continued in February. Despite that outflow, the price of the metal remained mostly solid through the month except for a small dip, helped by more central bank buying, though not as much as normal from China. But the start of a new month has seen an upsurge in gold prices, and Friday saw the April futures price on Comex end around $US2,186 an ounce, up 4.5% for the week and accounting for most of the 5.5% gain for the ... (full story)