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ECB's data-dependent stance pushes gold down

The European Central Bank's shift to a more neutral data-dependent stance is weighing on the euro against the U.S. dollar, which in turn has pushed gold prices to session lows.

The gold market has broken below support at $1,950 an ounce after ECB President Christine Lagarde said that the central bank is no longer in an environment of forward guidance. She added each meeting will be live an depend on the path of incoming economic data.

"We might hike interest rates, or we might hold and what we decide in September is not definitive," she said.

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