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Gold breaches $1,200 mark though yield increase limits gains

Gold futures edged up on Thursday as recent drop attracted some price-sensitive traders back to the market, though rise was limited by a steep surge in U.S. Treasury yields, which supported the dollar and hurt stocks.

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Spot gold climbed 0.3 percent to $1,200.12 an ounce. It has been trading recently in a narrow range of $34. U.S. gold futures added 0.1 percent to $1,203.90 an ounce.

Gold advanced despite increase in U.S. Treasury yields to their top since mid-2011, which sent global bond yields higher on Thursday and underpinned the U.S. currency not far from six-week peak.

The yellow metal has dropped more than 12 percent since touching a high in April, dragged down mostly by the stronger greenback, which has been supported by a strong U.S. economy, interest rates hikes and concerns over a global trade relations.

Elsewhere spot silver rose 0.8 percent to $14.70. Palladium ticked up 0.1 percent to $1,056.72, while platinum surged 0.5 percent to $825.80.

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