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Gold holds decline as ECB downplays prospects for more stimulus
[SINGAPORE] Gold held a decline after the European Central Bank downplayed the need for more economic stimulus and US filings for unemployment benefits unexpectedly dropped.
Bullion for immediate delivery fell 0.1 per cent to US$1,336.53 an ounce at 8:52am in Singapore, according to Bloomberg generic pricing, dropping a third day and paring its weekly gain to 0.9 per cent.
While the economic news from Europe and the US sapped gold's momentum, the metal remains 26 per cent higher in 2016.
On course for its first annual gain in four years, it has benefited from the Federal Reserve's hesitation to raise interest rates and weak growth elsewhere, including the European Union, which has embarked on unprecedented monetary stimulus.