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Gold declines ahead of the US weekly jobs data

FXStreet (Mumbai) - Gold is trading weak as investors await the releases of the weekly US jobless claims data, which will provide more insights into the health of the US economy.

Gold is trading 0.78% lower at USD 1236/O, down from the average price of USD 1240 during much of the European session. The jobless report due for release at 18:00 GMT is likely to show a decline in the initial jobless claims to 264K, that would be the lowest since 2000. Moreover, a fall in the jobless claims would increase the prospects of a strong non farm payrolls data.

Meanwhile, the ten-year treasury yields are trading at a day’s high of 2.246% in anticipation of a strong weekly jobs data.

Gold Technical levels

Gold is trading near a strong support of 1235 levels, below which a sharp decline towards 1227 levels can be anticipated. On the other hand, gold may rise to 1240 levels if the prices manage to sustain above 1235 levels.

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