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Gulf Today Report
Gold prices fell on Thursday as the dollar recovers from a two-week decline and US inflation data affects bullion’s appeal.
Spot gold fell 0.3% to $1,837.13 per ounce by 06:36 GMT while US gold futures slipped 0.3% to $1,837.40.
Margaret Yang, DailyFX strategist said, "the dollar has rebounded from Wednesday's low, that's putting some pressure on precious metals. Low liquidity due to Chinese new year holiday is also weighing on the prices."
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According to US data, gold has lost appeal because there is not much upcoming inflation, added Yang.
The US Consumer Price Index for January was below expectation. Gold serves as a shield against inflation.
Investors are focusing on the developments of the passage of $1.9 trillion US relief stimulus.
Stephen Innes, chief global market strategist at Axi said, "too much stimulus in the market could force the Fed to tighten the monetary policy, that's negative for gold, but if the stimulus isn't big enough, gold is not going to benefit."
Spot gold was down 0.3% at $1,734.31 per ounce by 03:45 GMT while US gold futures were also down 0.3% at $1,733.70 per ounce.
Spot gold was steady at $1,711.61 per ounce by 02:57 GMT while US gold futures dipped 0.3% to $1,710.20.
Spot gold rose 0.4% to $1,707.81 per ounce by 05:23 GMT while US gold futures climbed 0.4% to $1,704.90.
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