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Gold was little changed on Monday, as profit-taking set in after rallying on US economic data that pushed back expectations of a Federal Reserve interest rate rise to early 2016, while silver extended gains on chart-based buying. Spot gold had turned down 0.1 percent at $1,136.11 an ounce by 2:49 pm EDT (1849 GMT). US gold futures for December delivery settled up 0.1 percent at $1,138.10.
The metal gained 2.2 percent on Friday, its biggest one-day rise since January 15, after data showed US employers slammed the brakes on hiring over the last two months. On Monday, data showed new orders and business activity slowed in the United States. "A somewhat improved outlook for gold in light of weaker-than-expected US economic activity most likely will keep the Fed away from the trigger on the Fed funds rate," said Bart Melek, head of commodity strategy for TD Securities in Toronto. Silver rallied 5.4 percent on Friday then extended gains on Monday on technical buying to its highest in nearly 3 months at $15.71 an ounce, before paring gains to a rise of 2.5 percent at $15.62. It soared above its 100-day moving average and neared its 200-day moving average at $15.93.
Platinum was trading up 0.3 percent at $907.99, after hitting a near-seven-year-low of $888 in the previous session. Palladium earlier rose 2 percent to $710.50 an ounce, its highest since June and rising above its 200-day moving average, boosted by hopes that demand for gasoline cars, where the metal is used in catalysts, could increase. It turned down 0.8 percent to $689.72.

Copyright Reuters, 2015

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