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Gold Pulls Back After Five-Day Rally Ahead of US Jobs Data
Gold eased after a five-day gain, as investors digested the latest economic data that showed a continued cooling of the US jobs market. US job growth remained sluggish in November and the unemployment rate rose to a four-year high, according to Bureau of Labor Statistics data out Tuesday. Still, traders refrained from boosting bets on further easing by the Federal Reserve in the near term as the US central bank is seen as less likely to put much weight on the data due to disruptions. Traders assigned a 20% chance of a rate reduction in January. Lower rates are typically a positive for gold, which doesn’t pay ... (full story)