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Gold prices declined in today's session for the first time in 4 days but hold close to three-week highs after successfully rising above the USD1,200-threshold yesterday.
The precious metal continues to be under pressure with a strengthening greenback as the U.S. economy recovers and the FED is moving closer to raise interest rates. Today markets await the minutes from December's Federal Reserve policy meeting due later in the day at 19:00 GMT. The minutes may give further indication on the FED's 'patient' approach on rising benchmark interest rates for the first time since 2006. Earlier in today's session investors will closely watch the publication of the ADP Employment Report on private sector job creation due at 13:15 GMT for further indications on the recovery of the U.S. labour market.
The political turmoil in Greece where the anti-austerity party Syriza could come to power after the elections taking place on January 25th and growing concerns over a potential Greek exit from the euro zone supported the precious metal's price.
The precious metal is currently quoted at USD1,214.60, -0,29% a troy ounce.
GOLD currently trading at USD1,214.60
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