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- Gold headed for a weekly decline
Gold headed for a weekly decline
Gold is currently at $1,110.20 (+0.08%) near a four-week low. The precious metal headed for the third weekly decline in a row as investors remain focused on next week's Fed meeting. "We are likely to see sideways trading until the FOMC," HSBC analyst James Steel said meaning the anticipated meeting.
Recent data suggest that the U.S. labor market is quite healthy, while low inflationary pressures increase uncertainty over probability of a rate hike next week.
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