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Oct 9 - Gold extended losses for a sixth straight session on Wednesday to hover near the two-week lows hit the day before on lowered expectations of deeper rate cuts, as traders turned their focus to the Federal Reserve's meeting minutes and inflation data.
"The precious metals sector seems somewhat disappointed after yesterday's meeting by China's National Development and Reform Commission, which reignited concerns about growth and demand from China in Q4. Also, gold is confronting the possibility of less aggressive rate cuts," Zain Vawda, market analyst at MarketPulse by OANDA, said.China is the world's largest consumer of gold, although record high prices and worries about economy have dampened consumer sentiment.
"The market is currently awaiting the upcoming inflation data for U.S. Since last week's payroll data, the market is discussing if we are in soft landing or no landing scenario," UBS analyst Giovanni Staunovo said. The minutes from Fed's September policy meeting are due at 1800 GMT, while the U.S. Consumer Price Index and Producer Price Index data is due on Thursday and Friday, respectively.
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