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Gold drops on dollar rebound after strong US data
Gold prices dropped on Wednesday, hovering just above the lowest level in nearly six years on pressure from a rebounding dollar after strong U.S. economic data heightened expectations of an interest rate hike from the Federal Reserve next month. Manufacturing output rose well above economists' expectations in October and a gauge of U.S. business investment plans surged. "The orders number is surprisingly positive and that's what's weighing on the market," said Rob Haworth, senior investment strategist for U.S. Bank Wealth management in Seattle. Spot gold fell 0.4 percent to $1,070.36 an ounce, not too far from a ... (full story)