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Metals Stocks: Gold’s retreat deepens as stocks, dollar move up amid trade-pact progress

Gold futures deepened their retreat below the closely watched $1,300 line with a fresh move lower on Monday, driven there by gains in risk-on markets as trade-pact optimism grew.

Futures dropped below the $1,300 mark on Friday to settle at their lowest in a month and half, down over 2% for the week — the sharpest weekly fall since August. Broad risk-on sentiment, which boosted U.S. and global stocks, as well as strength in the U.S. dollar, worked to dull demand for the haven precious metal then and again on Monday.

The gold market “now is in consolidation mode,” said Peter Spina, president and chief executive officer of GoldSeek.com.

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