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Gold Holds Near Four-month Low

Gold prices held near four-month low on Wednesday as the dollar gained ground on the back of strong U.S. housing data released overnight.

Sales of new U.S. single-family homes jumped to a near 11/2-year high in March, boosted by lower mortgage rates and house prices, the Commerce Department said in a report, helping ease concerns of a slowdown in the world's largest economy.

Spot gold was marginally lower at $1,272.12 per ounce, after having hit its lowest level since the end of last year at $1,265.90 in the previous session. U.S. gold futures were little changed at $1,273.95 an ounce.

The dollar held steady today after rising to a 22-month high in the previous session.

U.S. first-quarter gross domestic product data will be out on Friday, with analysts expecting decent growth despite tepid global demand.

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