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2023.08.2410:15:00UTC+00Gold Holds Near Two-week High

Gold prices held steady near two-week highs on Thursday, with a weaker dollar and a pullback in Treasury yields offering support.

Spot gold rose 0.3 percent to $1,920.74 per ounce while U.S. gold futures were little changed at $1,948.35.

The dollar edged up slightly in European trade after seeing a pullback from three-month highs in Asian trading.

Benchmark Treasury yields are holding their lowest levels in a week after business surveys from the U.S., Europe and the U.K. pointed to weakening growth.

As growth falters, speculation is rife that big central banks would soon stop raising interest rates.

A pause in ECB rate hikes this September seems more likely, a day after data showed Eurozone business activity declined far more than expected in August.

The Jackson Hole event lined up this week is being anxiously awaited by investors for clues on U.S. interest rates.

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