NEW YORK / LONDON, Jan 18 - Gold was
flat in a narrow range on Thursday, first dipping as the dollar rose and then rising as the dollar moved lower, but bullion's gains were limited by higher U.S. $ 12, or 0.9 percent, at $ 1,327.20 per ounce.
Imposing a
flat prior on an observable property, such as the climate feedback or transient climate response, is equivalent to imposing a highly skewed prior on the equilibrium climate sensitivity, and therefore results
in narrower posterior likelihood
ranges on the climate sensitivity that exclude very high sensitivities.