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MTECHTIPS:-Gold slides lower as U.S. dollar recovers
Gold prices slid lower in European morning hours on Friday, pulling away from a two-month peak as the U.S. dollar regained some ground after the People’s Bank of China set a higher yuan guidance rate for the first time in nine days. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were down 0.71% at $1,099.90. The February contract ended Thursday’s session 1.46% higher at $1,049.60 an ounce. Futures were likely to find support at $1,081.60, the low of January 6 and resistance at $1,107.80, the high of November 4. The dollar found support after the PBOC strengthened the yuan’s midpoint rate for the first time in nine days on Friday, fixing it at 6.5636 per dollar, compared with the previous fix of 6.5646. However, China was expected to continue allowing the yuan to weaken in the longer term in a bid to help its exporters and remain competitive against its regional rivals. In addition, China announced late on Thursday that it suspended its new stock market circuit breaker introduced only on Monday as the system failed to reduce market volatility.
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