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Gold Gains as Investors Weigh Growth Concerns; Palladium Jumps

  • Recession fears are mounting amid weaker US economic data
  • Flight to dollar may start rotating back into bullion: Feeney
Updated on

Gold held onto gains and headed for its first weekly advance since early June as investors weighed renewed concerns over economic growth.

Bullion’s reversal comes with more economic data fueling fears of a recession. US business activity contracted in July for the first time in more than two years, according to data released Friday, adding to a slew of indicators earlier in the week that are painting a gloomy outlook. Meanwhile, a gauge of the greenback has retreated from its July 14 peak.