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Gold is trading slightly higher today taking a breather from the recent decline further rebounding from fresh 3-month lows hit two days ago. Gold prices found support in weaker-than-expected U.S. retail sales as weaker data could lead the FED to postpone the planned interest-rate hike. Today all eyes will be on U.S. data on Producer Prices due at 12:30 GMT and the Reuters/Michigan Consumer Sentiment Index.
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 Fed could start raising rates in the middle of this year (probably in June), and investors are preparing for the Fed next week to get further indications on whether the bank will give up its "patient" approach regarding the timing of a rate hike.
Gold is currently quoted at USD1,155.30, +0,23% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40.
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