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GOLD: Intraday Analysis update & Forecast

Gold strengthened above $1,980 an ounce on Friday and was on track to gain more than 2% this week, underpinned by cooling inflation and signs of slowing economic momentum in the US which reinforced market expectations that the Federal Reserve is done raising interest rates. The central bank is widely expected to keep rates unchanged again in December, while traders are now focusing on when the Fed could start cutting rates.

Earlier this week, data showed that US consumer inflation slowed more than expected in October, while retail sales fell for the first time in seven months. The number of Americans filing for ew unemployment benefit claims also increased to a three-month high last week.

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