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Gold Slips Further

Gold Slips FurtherGold Slips Further

Gold fell in choppy trading on Friday as the dollar rose in the wake of US non-farm payrolls data for December, prompting traders to cash in gains from the metal’s rally to 3-1/2 month highs this week, Reuters reported. Spot gold was down 0.5% at $1,316.03 an ounce. The metal remains on track for a fourth straight weekly gain, however, for the first time since April. It has risen nearly 1% in the first trading week of the year, having climbed by 13% in 2017. That has left gold looking overstretched, ABN Amro analyst Georgette Boele said. “I think when the rest of the market returns, gold prices will be lower and the US dollar will recover.” Elsewhere physical gold demand across Asia remained subdued this week as prices rallied, keeping retail buyers away from the market. In top consumer China, premiums declined to $6-$7 an ounce from around $10 last week. Among other precious metals, palladium was down 0.5% at $1,090.45, also retreating after hitting a record high of $1,105.70 on Thursday.

 

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