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Gold: Recovery Depends on US Dollar Direction
As expected, gold prices have been trading in a narrow range with a downward bias, settling around $2315 per ounce pending the reaction to key US data and events. Gold prices have stabilized after recent strong selling that took them to a one-month low of $2286 per ounce, amid stronger-than-expected US jobs data and a slowdown in the pace of record gold buying by central banks, led by China. According to currency trading platforms, the US dollar index continued its gains for the third session to 105.3 on Tuesday, its highest level in about a month, as traders reduced their bets on US rate cuts and prepared for the ... (full story)