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Gold Rebounds as Tapering Concerns Ease on U.S. Jobs Data

Gold futures capped the first weekly decline in a month as better-than-expected U.S. economic data increased speculation that the Federal Reserve may slow the pace of fiscal stimulus.

Claims for jobless benefits in U.S. fell to a five-year low, the Labor Department reported yesterday and manufacturing rose in July at the fastest pace in more than two years, a private group reported yesterday, while employers added fewer workers than forecast last month, a report showed today. Prices have slumped 22 percent this year as the dollar gained 4.3 percent against 10 currencies. The metal also retreated as some investors lost faith in bullion as a store of value.