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Gold slips on firm dollar ahead of US jobs data

Gold is highly sensitive to rising US interest rates, which increase the opportunity cost of holding non-yielding bullion

Reuters  |  London 

Gold edged lower on Friday, heading for its second consecutive week of losses as the dollar strengthened ahead of US jobs data expected to provide clues on the timing of a possible interest rate hike. Spot gold was down 0.27 per cent at $1,313.60 an ounce by 0850 GMT, having hit its lowest since June 24 at $1,301.91 on Thursday after jobless claims data beat expectations. US gold futures slipped by 0.26 per cent to $1,3110.11 an ounce, with prices held in a narrow range by uncertainty ahead of the payrolls data at 1230 GMT. "People don't have a strong opinion and ...

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First Published: Fri, September 02 2016. 15:33 IST