Gold Update

Despite earlier dollar selling (mostly vs the yen), gold could not get back over Wed's highs near $671.85 and stalled even before the greenback slippage at $670.50.

Spot gold currently holds at $668.00/oz, up from an earlier low of $662.88.

The precious metal is also not help by lower oil prices, although the March contract, at $57.10 per barrel, is up from its earlier low of $56.62.

Failure to clear $670 again suggests gold has run out of steam short-term, and would benefit from a brief period on consolidation in order push higher and target $700.

Dips are still likely to be viewed as good buying opportunities by investors and speculators, with the metal still well placed for another year of strong gains.