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GOLD: Intraday Analisys & ECB Forecast

Gold prices hovered near a one-week low on Thursday, pressured by dollar strength and elevated U.S. bond yields, while focus was also on the European Central Bank’s policy meeting and U.S. GDP print due later in the day. Bullion hit its lowest level in nearly a week on Wednesday after data suggested that the U.S. economy kicked off 2024 on a strong note, with business activity picking up in January and inflation appearing to abate.

“The U.S. economy keeps defying the doom and gloom and that’s allowed the markets to price out policy easing and the risk of a recession,” said Kyle Rodda, a financial market analyst at Capital.com.

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