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FX.co ★ Gold Holds Near Two-week Low

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typeContent_19130:::2023-09-07T10:17:00

Gold Holds Near Two-week Low

Gold prices held steady near two-week lows on Thursday amid lingering worries about inflation and interest rates.

Spot gold rose 0.2 percent to $1,920.45 per ounce, while U.S. gold futures were marginally higher at $1,944.75.

The dollar traded firm after stronger-than-expected U.S. service sector data, released on Wednesday, pushed up concerns over sticky inflation.

Adding to Fed rate uncertainty, Boston Fed President Susan Collins warned on Wednesday that more policy tightening could be warranted.

A number of Fed officials are due to speak later today at a fintech conference hosted by the Philly Fed ahead of upcoming ECB, Fed and BOE meetings.

Growth worries returned to focus after China said its exports fell 8.8 percent in August from a year earlier and imports dropped 7.3 percent.

However, the declines were smaller than the double-digit drops in July and were better than forecasts.

Elsewhere, German industrial output posted a monthly fall of 0.8 percent in July, while EU GDP grew less than expected in the second quarter of 2023, data out of Europe revealed.

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