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Gold gains as dollar dips, but set for worst month since November 2016

Gold rose early Friday after slipping to a more than six-month low in the previous session, as the dollar retreated from recent highs amid a rising euro, but the yellow metal was on track for its worst month since November 2016.

Spot gold was 0.2 percent higher at $1,250.90 an ounce, as of 0502 GMT. On Thursday, it touched $1,245.32, its lowest since December 13, 2017.

“We’ve seen a pop up in euro which put a bit of pressure on dollar, so gold is being bought. I don’t think it is going to be long lived. Europe will come in and sell and dollar is probably still firm,” a Hong Kong-based trader said.

 The yellow metal was on track for its third straight weekly decline, having slipped 1.4 percent so far this week. Spot gold was down about 3.6 percent for the month, heading towards its worst monthly loss since Nov. 2016.

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