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Gold trade important level focus U.S payrolls data

Gold trades 1% higher at 1244.50, having reached fresh weekly highs a whisker away from 1250 mark.
China’s rate cut announcement combined with increasing safe-haven flows collaborated to the upside in the gold prices. Holdings of SPDR Gold Trust (GLD), the world’s largest gold-backed exchange-traded fund, rose 1.95% to 777.27 tonnes on Monday, the highest since September 2014. While American Eagle gold coin sales in February more than quadrupled y/y as bullion prices surged, US Mint data showed on Monday.
Focus U.S Job Data
Markets investor await the US payrolls data, especially after the upbeat US Q4 GDP, PCE, durable goods and personal spending data, for further insights on the Fed rate hike prospects for 2016.

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