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Gold hits new one-year high as dollar tanks

Gold prices touched fresh one-year high early on Friday’s trade as the dollar tanked due to weaker than expected US job data and euro hike.

Spot gold nudged up to USD 1,350.46 per ounce, its highest since September 2016, and was little changed at USD 1,349.43 at 0056 GMT.

US gold futures for December delivery were up 0.3% at USD 1,354.40.

The euro hovered below a 2-1/2-year high versus the dollar on Friday, with the US currency losing traction after a policy meeting by the European Central Bank did little to support the dollar.

The number of Americans filing for unemployment benefits jumped to a more than two-year high last week amid a surge in applications in hurricane-ravaged Texas, but the underlying trend remained consistent with a strong labour market.

The ECB lowered some of its inflation projections to reflect a firming euro but lifted some growth forecasts after the euro zone economy registered its best growth run in a decade.

The euro zone economy grew at a robust pace in the three months to June, driven mostly by higher domestic demand and investment, official data released on Thursday confirmed.