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  • Gold prices pull back after advances



    LOS ANGELES (MarketWatch) — Gold futures edged lower in electronic trade Wednesday, stepping back slightly from their strongest level since the start of the month.

    Gold for June delivery GCM3 -0.42%  was down 90 cents, or 0.1%, in Asian trading hours to $1,585.80 an ounce.

    The precious metal settled higher by $14.20, or 0.9%, at $1,586.70 an ounce in Tuesday’s session on the Comex division of the New York Mercantile Exchange. It was the highest close since April 1, as a weaker dollar and losses in 4 of the previous 5 sessions helped lure in bargain hunters.

    Later Wednesday, gold investors will watch for the release of minutes from the U.S. Federal Reserve’s meeting of March 20. Monetary-policy makers at the meeting decided to continue with their stimulus program of buying $85 billion a month in assets.

    Federal Reserve Chairman Ben Bernanke hasn’t indicated he’s ready to slow down bond purchases, particularly after the dismal March U.S. jobs report showing the weaker-than-expected creation of 88,000 new jobs.


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