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Gold rises in light trade after Friday weekend

by Alexandra Hartman Editor-in-Chief

* Spot gold was up 0.3% at $1,802.63 an ounce 0021 GMT. US gold futures rose 0.3% to $1,810.00.

* The Dollar Index slipped 0.1%, making bullion cheaper for overseas buyers.

* Data on Friday showed US consumer spending rose 0.1% in November following climbing 0.4% in October, while inflation cooled further.

* The European Central Bank must be prepared to take the heat and raise interest rates further, ECB policy chief Isabel Schnabel said in an interview published on Saturday.

* In Japan, buyers of physical gold benefited from a drop in domestic prices last week following a surprise central bank policy adjustment, while the outlook for demand in major consumer China was dimmed by a spike in COVID-19 infections. [GOL/AS]

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.1% to 913.01 tonnes on Friday. [GOL/ETF]

* Spot silver gained 0.7% to $23.88, platinum rose 0.5% to $1,027.00 and palladium 0.6% to $1,774.00.

DATA/EVENTS (GMT)

1100 France Unemp Class-A SA Nov

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