By Debbie Carlson
Gold could build on its rally into next week and possibly close out the month of January with a gain, market participants said.
Countries that celebrate the Lunar New Year, such as China, will return to work next week, and others said that momentum that started following the dovish statement by the Federal Open Market Committee on its long-term interest rate outlook will likely continue.
Still, some market watchers said given the nearly one-way move in commodity prices in general, Gold and other markets could be due for a corrective pullback, which would mean lower values.
Prices rose on Friday and on the week. The most-active April gold contract on the Comex division of the New York Mercantile Exchange settled at $1,735.40 an ounce, up 4.12% on the week. March Silver settled at $33.790 an ounce, up 6.68% on the week.
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