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Gold bobs back

The gold price has bobbed back, gaining about US$7 an ounce today to trade at $1,323/oz on the spot market earlier, having fallen as low as $1,307/oz late last week amid widespread market jitters.
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Galaxy gained in Australian trade

Staff reporter

Analysts point to a slightly weaker US dollar ahead of key US CPI data due out mid-week.

Diversified metals and mining stocks were up in Australian trade today with the sector gaining 1.11%, however the gold sector closed almost 1% lower.

Lithium miner Galaxy Resources (AU:GXY) made the biggest gain on the S&P/ASX200 index, rising 5.59% to essentially reverse last week's losses.

In the US, the S&P500 metals and mining sector was up on Friday while London's had closed lower, with diversified miner and commodities trader Glencore (LN:GLEN) closing down 1.26%.

In Toronto, Alacer Gold was the only positive mover in the S&P/TSX Composite Index's gold sector on Friday, up 1.4%.

The diversifieds had a better day in Toronto with Ivanhoe Mines (CN:IVN) gaining 4.71% to claw its way up from a 52-week low, after founder and chairman Robert Friedland told Mining Indaba delegates last week he was "absolutely confident" of dialogue with the Democratic Republic of Congo government over flagged mining code changes.