Gold lease rates tighten further, spot adds gains

Gold was reversing a recent downward trend in Europe as it rose to fix on Feb 27, 2001 at the highest level since Jan 8, 2001 building on short-covering gains made overnight with more advances on the cards, traders said. Gold rose to fix at $268.10 a troy ounce in morning of Feb 27 - its highest level in seven weeks - while spot prices moved up as dealers seemed happy to base their spot trading strategy around gold lease rates movements.

The market focus was on forward borrowing rates which ha

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