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Tuesday, 08 May 2012 - 12:33
Gold prices edge lower
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Gold edged lower today as a backlash by voters in Greece and France against austerity measures weighed on the euro, while prices are supported by bargain hunters lurking around the lower end of a recent range.           

Gold has been taking cues from the currency market, and its safe haven status was outshined by the dollar, US Treasuries and German Bund during the political upheavals in Europe.    

The decline in oil prices, which have lost nearly 7% so far this month, eased concerns on inflation and peeled off some of gold's attraction as a hedge against rising prices.

Spot gold edged down 0.1% to $1,636.20 an ounce.

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