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Gold pares gains, trades marginally higher

FXStreet (Mumbai) - Gold prices have erased early gains to trade marginally higher, after prices rose sharply on Friday post the release of weaker-than-expected US Non-farm payrolls (NFP) data.

Gold is trading 0.20% higher at USD 1172.10/Oz levels, down from the high of USD 1176.60 hit earlier today. Moreover, the prices are up 3.69% from the low of USD 1130.80 hit on Friday. The metal rose after the official data in the US showed that economy added fewer jobs than expected in October. Though the job additions stayed above 200,000 during October, a weaker-than-expected data provided a much needed opportunity for the correction in the oversold metal prices and the overbought US Dollar index.

Meanwhile, the US ten-year treasury yields are trading lower at 2.299%, while the US Dollar index is down 0.17% at 87.51.

Gold Technical levels

Gold has an immediate resistance at 1179, above which the metal can rise to 118.30. On the flip side, support is seen at 1160.60 and 1151.80.

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