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Gold Heading for first Monthly dip in three on Rate Hike Worries

Gold stood above two-month lows touched in the prior session as investors waited for U.S. nonfarm payroll numbers later this week for clues on the timing of a Federal Reserve rate hike, but the bullion was on track for its first monthly decline since May. Spot gold was up 0.1 percent at $1,312.55 per ounce at 0654 GMT on Wednesday. The metal fell 1 percent to $1,308.65 on Tuesday, its lowest since June 28. 

Gold was heading for a drop of 2.8 percent in August. U.S. gold futures were mostly unchanged at $1,315.50 "There is some buying today ... people are taking the view that gold is going to fluctuate within a tight range prior to a strong signal from the Fed," said Richard Xu, a fund manager at HuaAn Gold, China's top gold exchange-traded fund U.S. consumer confidence rose to an 11-month high in August, with households more upbeat about the labour market, in a further sign that the economy was regaining steam after faltering in the first half of the year.

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Gold Heading for first Monthly dip in three on Rate Hike Worries Gold Heading for first Monthly dip in three on Rate Hike Worries Reviewed by Ripples Advisory Private Limited on August 31, 2016 Rating: 5

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