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Gold futures pad gains in U.S. mid-day trade

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On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,781.05 a troy ounce during mid-day U.S. trade, up USD12.50 or 0.72%.

Fed Chairman Ben Bernanke, speaking from the central bank's annual meeting in Jackson Hole, Wyoming, said although the Fed had the capacity to stimulate U.S. economic growth, further discussion was necessary to weigh the benefits of an additional round of quantitative easing.

Despite gold's Friday gains, the metal is on track for its first weekly loss in eight weeks as profit takers have nibbled away at gains following Tuesday's record high of USD1,911.46.

Wall Street gains siphoned some investors away from safe-haven investments and back into equities as the Dow Jones Jones Industrial Average added 1.43%, the Nasdaq Composite Index climbed 2.42% and the S&P 500 gained 1.61%.

Earlier in the day, the Bureau of Economic Analysis reported that U.S. gross domestic product rose to a seasonally adjusted rate of 1% in the second quarter. That followed a 1.3% rise the previous three-month period but below market expectations of a 1.1% gain for the April to June quarter.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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