Gold Recovers from Slump; Hovers Below $800

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"I suppose a lot will depend on what happens to the U.S. dollar going forward. Obviously, the U.S. dollar is still at soft levels against the euro after all," said David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney.

Gold regained strength on Friday as bargain hunters and investors resurfaced to take advantage of the metal's 3.5 percent drop the previous day, while a firmer Japanese yen battered Tokyo futures.

Dealers expected volatile trade ahead following gold's fall to its lowest level in two weeks to $782.35 on Thursday -- a drop of more than $35 after the metal hit an intraday high of $817.90 on buying interest from Japanese and U.S. investors.

Spot gold rose to $787.00/787.80 an ounce from $785.80/786.60 late in New York on Thursday, when a bounce in the dollar and lower crude oil ignited heavy profit taking...

"I suppose a lot will depend on what happens to the U.S. dollar going forward. Obviously, the U.S. dollar is still at soft levels against the euro after all," said David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney.

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