Gold prices slipped below $1,200 an ounce on Thursday, after rising earlier in the session on a softer dollar and weak data on U.S. industrial production.
Spot gold lost 0.5 percent to $1,195.10 an ounce, after climbing 0.7 percent on Wednesday. Earlier, the precious metal got a boost as the dollar declined for a third straight session against a basket of major currencies on Thursday.
A weaker dollar makes gold cheaper for holders of other currencies, while also increasing the metal’s appeal as a hedge. The dollar nursed modest losses against the yen and euro early, and suffered bigger falls versus commodity currencies led by the Canadian dollar.
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