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Gold Ahead as Greenback Slips

Gold prices recovered from three-week lows on Friday aided by the U.S. dollar’s retreat after better-than-expected Chinese data and a stronger euro, while traders focused on the Federal Reserve’s guidance on interest rates next week.

Spot gold was up 0.4% to $1,917.49 per ounce U.S., after hitting its lowest since Aug. 23 in the previous session. U.S. gold futures gained 0.3% to $1,939.

The dollar slipped 0.2% against its rivals after hitting a six-month peak on Thursday, making gold less expensive for other currency holders.

Data showed China’s factory output and retail sales grew at a faster pace in August, boosting recovery hopes in the world’s top bullion consumer.

Investors focus shifted to the U.S. central bank meeting due next week, in which the Fed is widely expected to leave interest rates unchanged.

Data on Thursday showed U.S. producer prices increased by the most in more than a year in August while retail sales also beat expectations, boosted by a surge in gasoline prices.