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Gold steady before EU summit

October 26, 2011 00:00:00


SINGAPORE, Oct 25 (Reuters): Gold prices held steady Tuesday, as investors wait for European leaders to work out a strategy to solve the euro zone debt crisis at a meeting today (Wednesday), while resilient physical demand from Asia also lent support. Investors grew confident after a weekend European Union summit made some progress towards an agreement on how to contain the debt crisis, even though the final decision was deferred to a second summit today. "The market is very quiet as everyone is waiting for the European solution tomorrow," said Ronald Leung, a physical dealer at Lee Cheong Gold Dealers in Hong Kong.

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