Gold prices pared gains to trade closer to the USD 1200 mark after the drop in the US weekly jobless claims pushed the US Dollar higher against major currencies.
The metal currently trades at USD 1202.9/Oz, after having declined steadily from the high of USD 1219.3 set earlier today. The metal could extend the drop below USD 1200/Oz in case the Markit US services PMI surprises markets to the upside. Meanwhile, a recovery in the US stock markets can also weigh over the safe haven metal.
On the other hand, a weak US services PMI print could help the yellow metal sustain above USD 1200.00/Oz levels.
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