Gold held steady near a record high on Wednesday after a Franco-German summit failed to convince investors that the euro zone debt crisis would be solved effectively, supporting safe-haven demand for bullion.*
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Gold steadied below $1,600 on Friday, as Europe's sweeping new action on the debt crisis and signs of progress on a U.S. deficit reduction deal sapped some safe-haven demand.
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Gold rose further on Wednesday on inflation fears ignited by recent strong Chinese economic data, lingering worries over debt problems in Europe and the United States as well as a softer U.S. dollar.
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Gold firmed to its highest level in almost two weeks on Tuesday on worries that Europe's debt crisis was spreading out of control, sending euro-denominated bullion to a record above 1,081 euros an ounce.*
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