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Gold hovers at 7-week low

Gold was hovering at a near seven-week low on Monday after closing lower for the week on Friday.

The precious metal was down 0.3 per cent at $1,238.19 an ounce following a 1.2 per cent weekly loss at the close on Friday amid a global bond rout on indications central banks would begin tightening monetary policy.

Gold saw its first monthly decline of the year in June, down 2.2 per cent but the precious metal still managed to end the first half of the year 6.8 per cent higher.

The dollar was strengthening on Monday with the dollar index – a measure of the currency against a basket of peers – up 0.1 per cent to 95.751, although still languishing at a nine-month low.