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Gold holds near 8 ½-month low

FXStreet (Córdoba) - Gold remains on track for its third weekly loss in a row and holds near an 8 ½-month low hit on the back of Federal Reserve increase of funds rates projections.

The yellow metal entered a sideways phase over the last sessions with every recovery attempt halted ahead of the $1,230 area as the greenback remains underpinned by prospects the Fed will hike rates faster than expected when it starts moving.

Having hit its lowest level since January at $1,215.83 Thursday and with the upside limited by $1,228.54, gold is currently trading at mid-range at $1,221.80, recording a 0.33% loss Friday and headed for its third weekly decline in a row.

Gold was also pressured after data showed that US initial jobless claims fell more than expected last week. Meanwhile, with the Scottish referendum uncertainty dissipated - with majority voting to stay in the UK - investors are less attracted to safe-havens.

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