Gold Futures Make New Seven-Year Low

February Gold futures are trading lower by $14 at $1056.40 per ounce in Friday's session. Based on the February contract, it has made a new seven-year low. Back in October 2009, it bottomed at $1036 and a month earlier was the last time it was in triple digits when it bottomed at $996.50. In today's session, it rallied passed Wednesday's close ($1070.10), before stalling at $1073.90 and reversing course. The decline accelerated once it breached it former low of the move ($1061.70), falling to $1051.60 before rebounding back into mid $1050 handle.

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