Gold slips as dollar firms, and after China report

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Strange how these reports, the dollar and by extension US debt is good and gold is bad, tend to coincide with paper attacks against gold. Several months ago, Chinese officials stated interest in diversification away from the dollar and chastised the U.S.'s chronic spending, debt, and devaluation habits.

The precious metal slipped to a session low of $1,186.95, its weakest since late May, in earlier trade after China's State Administration of Foreign Exchange said gold will not become a major component of the central bank's portfolio.

Source: reuters.com