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Gold Recovers From Nine-Month Low as Dollar’s Rally Fizzles

  • Bullion rebounds after reaching key Fibonacci technical level
  • Metal still set for third weekly drop as rate bets spur sales
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What's Ahead for Gold in 2017?

Updated on

Gold pared a third weekly drop as the dollar halted a rally that sent bullion prices to a nine-month low and pushed silver into a bear market.

Bullion’s first gain in four days cut this week’s loss to 2 percent. Prices have tumbled as strong economic data and the prospect of more spending after Donald Trump’s U.S. election win boosted bets for higher interest rates. Investors are selling out of gold-backed funds at the fastest pace in three years.