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Gold holds gains above $1,300

FXStreet (Córdoba) - The yellow metal is taking a breather and is consolidating yesterday’s impressive gains above $1,300 an ounce Thursday.

Gold futures entered a quieter phase and pulled back somewhat after rallying more than $20 the previous day, underpinned by risk aversion amid geopolitical tensions in Ukraine and Russia. The metal scored a solid 1.8% gain to settle above $1,300 for the first time this month Wednesday.

However, with the pullback being contained by the $1,303 area, the yellow metal remains strong near 1-week highs around $1,305 an ounce ahead of the ECB decision and US jobless claims later today.

Ongoing tensions between Russia and Ukraine are making markets nervous and supporting gold as a safe-haven. The metal has gained about 1.5% so far in August.

As for silver, the gray metal trades little changed on the day just above $20.00 an ounce.

South Africa Business Confidence Index down to 87.9 in July from previous 89.7

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