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Gold Subdued On Stronger Dollar

Gold prices hovered near a more than one-week low on Thursday, as the dollar rose with Treasuries following a positive assessment of the U.S. economy from Federal Reserve Chairman Jerome Powell.

Spot gold was marginally higher at $1,307.17 per ounce after declining 0.7 percent in the previous session. U.S. gold futures were down 0.3 percent at $1,310.75 per ounce.

Speaking at a town hall in Washington D.C. to a group of educators, the central bank chief said the world's largest economy is now in a good place, with low unemployment and near two percent inflation.

While the British pound struggled ahead of a Bank of England meeting, the Aussie and kiwi dollars fell after the Reserve Bank of Australia shifted away from its previous tightening bias.

Amid rising economic risks, Australia's central bank on Wednesday opened the door to a possible rate cut.

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