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Monday, 12 September 2016

Commodity Market Updates: Gold Slips

Gold slips on US Fed rate views 


Spot gold had slipped nearly 0.2 percent to USD 1,325.60 an ounce by 0120 GMT.

US gold futures dropped 0.3 percent to USD 1,329 an ounce.

The dollar index, which measures the greenback against a basket of currencies, was down 0.1 percent at 95.219. 

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US wholesale inventories were unchanged in July as previously reported and sales recorded their biggest drop in six months, suggesting a modest boost to third-quarter economic growth from inventory investment.

Hedge funds and money managers hiked their net long position in COMEX gold contracts to a nine-week high in the week to Sept. 6, as they also raised a bullish stance in silver, US Commodity Futures Trading Commission data showed on Friday.

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SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 1.12 percent to 939.94 tonnes on Friday.


Asian shares slipped on Monday with investors rattled by rising bond yields and talk the Fed might be serious about lifting US interest rates as early as next week.

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