|12-13-2014, 11:06 AM||#1|
Gold retreats while US dollar recovers
Gold prices dropped to its lowest level in seven weeks on Thursday after the US dollar gained against the Japanese yen dampening the appeal of the precious metal.
The US dollar steadied against the yen after three sessions and kept gold prices below its highest level in seven weeks. Gold tends to decline to witness profit-taking selloffs.
Gold is expecting further US data in the coming period especially that the Federal Reserve may change the timing of raising interest rates, in addition to the Federal Open Market Committee meeting next week, which will discuss lifting the low interest rates.
Spot gold dipped 0.34% at 09:14 GMT around $1221 an ounce, compared with the entry levels $1225 an ounce.
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