The Cyprus vote is the immediate focus for the market, said Dave Meger, director of precious metals with Vision Financial Markets.

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Dave Meger, director of metals trading with Vision Financial Markets, cited news that Chinese authorities are injecting more money into their economy.

FORBES: Gold Hits Two-Month High As Euro, Oil, Grains Rise; Gain Accelerates On Chart Buying

Still, the weekend news flow itself would not explain the huge jump in gold prices, said Dave Meger, director of metals trading with Vision Financial Markets.

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