Gold loses gains bur still on high levels (Reuters) (27-01-2012)

SINGAPORE – Gold dropped from a 7-week high on Friday but prices were heading for a fourth week of gains with the Federal Reserve's keeping interest rates near zero for some time supporting sentiment.  

Gold’s record-breaking rally of the last decade is set to extend into this year and the next as monetary policy stays loose and central banks build reserves.

Gold hit a high around $1,723 an ounce before slipping to $1,718.70 by 0710 GMT, down $1.34. Gold rallied to$1,729.76 on Thursday, its strongest since early December, but was still well below a record around $1,920 hit last September.

Source: Reuters