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Gold slips on stronger dollar, bleak economic outlook for losses

Gold prices fell on Thursday with the rise in the dollar and investors selling the yellow metal to take profits, but the losses were curbed by negative data for retail and manufacturing sales issued by the United States, which led to increasing fears of a severe global recession due to the pandemic of the emerging Corona virus.

And gold fell in immediate transactions 0.1 percent to 1714.74 dollars an ounce (ounce) by 0541 GMT.

The precious metal fell 0.7 percent at the settlement yesterday, to end gains that continued for four consecutive sessions.

And gold rose in US futures 0.3 percent to 1744.50 dollars an ounce.

US retail sales suffered a record decline in March, and factory production fell most since 1946, raising fears of a contraction of the economy in the first quarter at the strongest pace in decades due to the impact of measures taken to contain the spread of the virus.

Lower interest rates reduce the opportunity cost of holding the yielding gold. As for other precious metals, palladium rose 0.9 percent to $ 2199.96 an ounce.

Silver fell 0.9 percent to $ 15.33 an ounce, while platinum fell 0.2 percent to $ 777.98 an ounce.

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