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MTECHTIPS:-Gold eases from 3-week high ahead of U.S. retail sales data

MTECHTIPS:-Gold eases from 3-week high ahead of U.S. retail sales data

Gold prices decline Gold futures for December delivery on the Comex division of the New York Mercantile Exchange shed $2.90, or 0.26%, to trade at $1,120.70 a troy ounce during European morning hours after hitting a session high of $1,126.30, the most since July 20. The Commerce Department is expected to report at 8:30 AM ET that retail sales rose by 0.5% in July, after falling 0.3% in June. Core sales are forecast to gain 0.4%, after dipping 0.1% a month earlier. The U.S. is also to release data on initial jobless claims, import prices and business inventories later Thursday. A day earlier, gold rallied $15.90, or 1.44%, to end at $1,123.60, the fifth straight daily gain, as China’s surprise move to devalue its currency fanned hopes that the Federal Reserve could delay raising interest rates until the very end of 2015. The People’s Bank of China took initial steps to stabilize fluctuations in the yuan on Wednesday, one day after devaluing its currency by the highest amount in more than two decades. d for the first time in six sessions on Thursday, but remained near a three-week high, as investors looked ahead to U.S. retail sales data later in the session for further indications on the strength of the economy and the timing of an interest rate hike.
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