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Gold, currently trading below the key-level of USD1200.00 a troy ounce recovered from earlier trading losses. ECB presidents Mario Draghi's speech sent the euro toward five-year lows weighing on the precious metal. The strong greenback supported by strong U.S. data and the Federal Reserve's most recent meeting minutes puts pressure on gold as it makes the metal more expensive for buyers not using the U.S. dollar.
Holdings in gold-backed exchange-traded products fell 2.1 tons to 1,614.7 tons yesterday, remaining at the lowest in more than five years, data compiled by Bloomberg show.
GOLD currently trading below USD1,200.00
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