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Gold price hits 3-1/2 mth low on strong US data, weak China demand

Gold price fell to a 3-1/2 month low on Wednesday, adding to sharp overnight losses on fears of slowing demand in top consumer China and as strong U.S. economic data blunted the metal’s investment-hedge appeal.

Gold price fell to a 3-1/2 month low on Wednesday, adding to sharp overnight losses on fears of slowing demand in top consumer China and as strong U.S. economic data blunted the metal’s investment-hedge appeal.

Spot gold dropped to $1,260.74 an ounce, its weakest since early February, before steadying at $1,264.70 by 0635 GMT. The metal slid 2.3 percent in the previous session – its biggest one-day decline since December.

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