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Gold prices inch up on buying after steep fall

Gold prices inched up on Thursday on buying after the bullion hit a one-week low and posted its biggest one-day percentage fall in nearly 9 months in the previous session.

Spot gold XAU= was up 0.2 percent at $1,327.72 per ounce at 0419 GMT, after hitting a one-week low of $1,323.20 in the previous session. Prices dropped 1.5 percent on Wednesday to mark their biggest one-day percentage decline since July 3, 2017.

U.S. gold futures GCcv1 for April delivery climbed 0.2 percent to $1,326.80 per ounce.

“Gold is still being seen as a safe-haven asset at the moment and we are seeing good physical buying, so that is supporting gold,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore.

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