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Gold Prices Rise On Stimulus Hopes

Gold prices rose slightly on Monday as weak economic data from the U.S. and China raised hopes of further stimulus from global central banks.

Data released Friday showed weaker than expected U.S. jobs growth in the month of August, while data from China showed that the country's exports unexpectedly fell in the month.

The European Central Bank meets on Thursday with markets expecting a rate cut along with some new stimulus package.

Spot gold edged up 0.2 percent to $1,510.97 per ounce, after declining nearly 1 percent in the previous session. U.S. gold futures were up 0.15 percent at $1,517.75 an ounce.

The U.S. dollar is consolidating against a basket of major currencies after Fed Chair Jerome Powell reiterated his soft-repeated pledge that the Federal Reserve will "act as appropriate" to sustain the U.S. economic expansion.

The U.S. economy slowed a bit more than initially thought in the second quarter, as downward revisions to state and local government spending, exports, private inventory investment, and residential investment were partly offset by an upward revision to personal consumption expenditures.

Reports on producer and consumer price inflation, retail sales and consumer sentiment are slated to be released this week.

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