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Gold fails to sustain gains

FXStreet (Córdoba) - Gold has surrendered intraday gains and is trading flat on the day after a bout of risk aversion sent the metal briefly above $1,220 an ounce.

The precious metal rose to a high of $1,222.27 during the Asian session as weak global manufacturing data weighed on investors’ sentiment and prompted gold demand. However, gold came under pressure soon after as the dollar recovers across the board. At time of writing, metal is trading around $1,213.50 an ounce, virtually unchanged on the day, and not far from its 2014 low of $1,204.45 scored Tuesday.

Gold prices fell nearly 9% in the third quarter amid broad USD strength as the Fed tapers its bond-buying program and moves closer to hike interest rates.

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