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Gold trading around hour 100-MA $1216 Focus on oil

The demand for the safe haven metal is likely to be determined by the oil price gyrations and the action in the equity markets. The sentiment turned soured in Asia on account of a more than 1.5% drop in oil benchmarks.
The metal rose to a high of USD 1223 before trimming gains to trade around USD 1216 levels. The bid tone around the metal may gather pace again if the risk-off mood strengthens in Europe.

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