Gold prices slipped to a more than two-week low on Friday, weighed down by a stronger dollar and an uptick in bond yields after upbeat US economic data bolstered bets over possible tapering of stimulus measures by the Federal Reserve.
“We also had hints from the Fed that it could be opening up to the possibility of tightening. We still are constructive on gold and see some buying if the declines continue.” Data on Thursday showed the number of Americans filing new claims for unemployment benefits dropped below 400,000 last week, while US private employers stepped up hiring in May.
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