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LONDON, Oct 17: Gold eased below $800 an ounce on Friday, extending the previous session’s 5 per cent price drop, as a firmer dollar pressured the metal. Spot gold was quoted at $798.65/801.15 an ounce down from $804.50 late in New York on Thursday.
Prices tumbled in that session as funds liquidated gold holdings to cover losses on other markets. Fresh strength in the dollar weighed on prices.
The recent dollar strength has tended to weigh on gold pretty heavily, said Standard Chartered analyst Daniel Smith.—Reuters
