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Gold Ekes Gain as Economic Data, Global Tumult Spur Fed Cut Bets

  • Metal posts weekly gain as central bank decisions in focus
  • The Fed is expected to cut rates at its meeting next week
Bloomberg business news
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Gold futures pared their weekly gain on Friday as progress in the U.S.-Chinese trade talks weighed against weaker-than-expected U.S. data that reinforced expectations the Federal Reserve will cut borrowing costs next week.

The U.S. and China are close to finishing some sections of phase one of the trade agreement, officials said in a statement. Trump has said he wants to sign the first phase of a trade deal with China in November. The progress caused a pullback in demand for gold as a haven, sending the metal for immediate delivery as much as 0.2% lower.