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Gold slips as dollar gains vs yen; U.S. jobs data in focus

Gold prices slipped on Friday as the dollar rose against the yen after Japan offered to buy government bonds and attention shifted to key U.S. jobs data later in the day. Gold trading range for the day is 28670-29160.Gold edged up as support seen with tensions between Iran and the U.S, over a ballistic missile test by Tehran this weekFed painted a relatively upbeat picture of the economy, noting that job gains remained solid, inflation had increased and economic confidence was rising.

 

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Spot gold edged down 0.3 % to $1,212.91 an ounce by 0557 GMT. U.S. gold futures fell 0.4 % to $1,214.90. Spot gold marked an 11-week high of $1,225.30 an ounce on Thursday. It has risen 1.8 percent so far this week.Spot gold may retrace towards a support at $1,182 after failing to break a resistance at $1,219 per ounce, according to Reuters technical analyst Wang Tao.

 

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose for a second day on Thursday, climbing 0.18 percent to 811.22 tonnes. On Wednesday SPDR Gold holdings rose 1.34 percent, the biggest one-day gain since Sept.6.

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