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29-Sep (USAGOLD) — Gold remains on the defensive within the recent narrow
range. This morning’s U.S. economic data was generally constructive: Initial
jobless claims where lower than expected last week, the trade deficit
narrowed in Q2 and the upward revision to GDP was slightly better than
expected.
This all may nudge December rate hike expectations ever-so slightly
higher. However, the fact that gold’s well defined range remains intact
suggests that risks elsewhere are likely underpinning the market.
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