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Gold prices further declined in today's session after reaching a 12-week high at USD1,243.90 as investors weighed the global economic outlook, dampened by the World Bank's outlook for 2015 and 2016, against higher U.S. benchmark rates. Normally, the rout in oil and copper prices should have boosted the demand for a haven asset but gold declined as investors took profit after the recent rally. A stronger U.S. dollar further added pressure on the gold price. The precious metal is currently quoted at USD1,228.10, -0,18% a troy ounce.
Gold in recent days has been supported, as political uncertainty in Greece and concerns about the impact of falling oil prices on the global economy led investors to buy the precious metal. Also growing speculations that FED will keep rates on hold for longer after mixed U.S. job data with a surprise drop in hourly wages last Friday supported the metal.
GOLD currently trading at USD1,228.10
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