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Gold Jump after People’s Bank of China cut rate

Gold trades 1.18% higher at 1234.80, retreating slightly from fresh session highs printed at 1236.10 some minutes ago. The precious metal jumped nearly $ 4 after the Chinese central bank slashed the RRR by 0.5% in a bid to stimulate economic growth, which would in turn lift the demand for the bullion. China is the world’s largest gold consumer.
Focus now shifts towards the US economic data ahead of the crucial Chinese manufacturing PMI reports due tomorrow.

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