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Gold futures posted gains Friday, rising for the first in four sessions and getting some support from a pullback in the U.S. dollar and after data showed China’s economy slowed in line with expectations in the second quarter.
China’s economy grew at its slowest pace in more than three years in the second quarter, with gross domestic product expanding at an annual rate of 7.6% versus 8.1% in the first three months of the year. The figure was in line with economists’ forecasts, and it came as a relief as many market participants had been bracing for worse numbers.
The precious metal saw some selling this week after minutes of the Federal Reserve’s latest interest rate setting meeting didn’t send strong signals that the U.S. central bank is set to embark on another round of monetary easing. A stronger dollar also weighed on the precious metal for most of this week. The index recently reached 83.376, retreating from 83.666 in late North American trading on Thursday. While gold may see some gains for the time being, we do not believe gold will be able to mount a convincing rally until high demand for U.S. Treasuries moderates and the euro steadies.
August gold futures on the COMEX today declined by 25.5$ and now stands at $ 1590.8 USD per ounce.
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