*COMEX GOLD RISES PAST $300/OUNCE TO 10-WEEK HIGH ON FUND BUYING
IN NEW YORK
NEW YORK, Feb 4 (Reuters) - The active COMEX gold contract advanced past the $300 an ounce mark on Friday, reaching its highest since Nov 24 on fund buying and a rumor of mining company gold hedge repurchases, dealers said.
"Basically, there was some very, very active fund buying on the back of that rumor this morning," said David Meger, metals analyst at Alaron Trading in Chicago.
At 1233 EST, COMEX April gold was up $10.40 at $300.30 an ounce, having touched $300.50 off a low of $289.90. Spot bullion was quoted at $297.20/7.80, up from London's late fix at $293.65 and Thursday's New York close at $287.00/7.75.
Bullion dealer buying started the morning move. It accelerated as stop-loss buy orders were executed in the April contract between $292.50 and $294, where one hedge fund bought in size, traders said.
More stop-loss orders are expected above $301 and $302.50, they said.
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