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Gold ended its rebound from 7-week lows in today's trading, now trading slightly above the USD1,200 threshold. After yesterday's mixed U.S. data lend some support now all eyes are on the U.S. GDP due at 13:30 GMT as well as the Chicago Purchasing Managers' Index and Pending Home Sales.
Markets remain cautious about the Greek debt deal bolstering demand for the haven asset. The IMF and the ECB warned that the reform plans are not detailed enough and Athens will have to take further steps to ensure further bailout releases.
A stronger U.S. dollar and the prospect for higher U.S. rates recently weighed on the precious metal as the precious metal is dollar-denominated and not yield-bearing.
The precious metal is currently quoted at USD1,206.00, -0,24% a troy ounce. Gold fell 2.3% last week, a fourth straight loss. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40.
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