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Gold slides, heads for second weekly drop

Gold slides, heads for second weekly drop
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Gold prices pared their gains on Friday, heading for their second weekly drop.

The metal held above $1,200 an ounce level it broke above earlier in the week after a run of downbeat U.S. data led analysts to reassess expectations the Fed would raise rates in June.

The dollar turned positive after U.S. inflation data.

Spot gold was up 0.6 % at $1,204.10 an ounce at 2:36 p.m. EDT (1836 GMT), off an earlier high of $1,207.60 and down 0.3 % on the week. U.S. gold futures for June delivery settled up $5.10 an ounce at $1,203.10.

Silver was up 0.2 % at $16.22 an ounce, while platinum was up 0.8 % at $1,165.49 an ounce and palladium was up 0.7 % at $781 an ounce.