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Gold pick up 1242 open eyes for US data

The oil-driven risk-off appears to have hit the Wall Street as the S&P futures are down more than 1%. However, the upside in the metal is being capped by a 0.45% advance in the USD index.
Gold prices backed off from the daily high to trade around $1242. Traders await the US preliminary services PMI and new home sales data release.

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