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MTECHTIPS:- Gold retreats to near five-year lows, as dollar surges amid ISM data

MTECHTIPS:- Gold retreats to near five-year lows, as dollar surges amid ISM data

Gold fell mildly on Wednesday retreating back to near five and a half year lows, as strong non-manufacturing data from the Institute of Management pushed the dollar to its highest level in three and a half months. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded in a tight range between $1,082.10 and $1,091.30 an ounce before settling at $1,085.49, down 5.30 or 0.49% on the session. Gold had stabilized in recent sessions after dipping below $1,075 an ounce late last month to touch down to its lowest level since 2010. Last Friday, for instance, it moved back above $1,100 an ounce after gaining more than $7 on the session. Since then, however, it has closed lower on three of the last four trading days. Over the last month, gold has only closed in the green in six of 27 sessions while losing more than 7.25% in value. The precipitous fall included a 10-day rout in mid-July, which marked gold longest losing streak in nearly two decades. Investors have abandoned their positions in gold, as it loses its appeal as a safe haven asset following the resolution of comprehensive Greek Bailout and Iranian Nuclear deals. A historic collapse in Chinese equities and signals from the Federal Reserve on the timing of an imminent rate hike has also weighed on the precious metal.
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