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Gold bounces-off a dip near hourly 50-SMA

Gold rises 0.76% to 1273.70, quickly fading a spike to 1275.70 seen some minutes ago. The bullion found strong bids near 1266 region and regained momentum thereon, now extending higher towards
thirteen-month highs of 1279.90.
Especially after the poor Chinese trade data reinforced China slowdown fears and rattled investors’ confidence yet again. While, fading Fed rate hike bets at its March 16 meeting, also contributes to the upsurge in gold.
Adding to this, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund continues to remain near the highest since September 2014 at 25.5 million ounces.

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