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Gold falls from two-week highs as you sign in US dollars

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Gold prices fell on Monday after hitting a two-week high in the previous session, weighed down by a slight rally in the dollar, while investors waited for more economic data from the US for clues on monetary policy plans. of the Federal Reserve.

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* Spot gold fell 0.1% to $ 1,785.41 an ounce at 0037 GMT, after hitting its highest level since June 18 at $ 1,794.86 on Friday. US gold futures were up 0.1% at $ 1,785.20.

* The dollar rose 0.1% against its rivals, making gold more expensive for holders of other currencies.

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* American companies hired the most workers in 10 months in June, raising wages and offering incentives to attract millions of unemployed Americans to feel at home.

* A stronger-than-expected US jobs report is strengthening investors’ focus on economic data and the Fed’s next move as markets celebrate further evidence of a strong economic recovery amid inflation concerns persistent.

* Japan’s service sector activity contracted for the 17th consecutive month in June as the coronavirus reduced demand at home and abroad, underscoring the slow momentum of the world’s third-largest economy.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell to 1,042.58 tonnes on Friday from 1,043.16 tonnes on Thursday.

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* Speculators reduced their net long positions in COMEX gold in the week ending June 29 and increased their net long positions in silver, data from the US Commodity Futures Trading Commission showed.

* Gold in India last week sold at a premium for the first time in more than two months as demand gained steam after restrictions to combat the second wave of the coronavirus were slightly relaxed.

* Silver was down 0.2% at $ 26.40 an ounce, palladium was up 0.3% at $ 2,793.19 and platinum was down 0.3% at $ 1,086.49. DATA / EVENTS (GMT) 0130 Australia Retail Sales MM Final May 0145 China Caixin Services PMI June 0800 EU Markit Serv, Comp Final PMIs June (Report by Brijesh Patel in Bengaluru; Subhranshu Sahu edition)

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In-depth reports on the economics of innovation from The Logic, presented in association with the Financial Post.

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