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. Last Updated: 07/27/2016

Gold Prices Hit

LONDON -- Gold weakened in early European trade ahead of Monday's third British gold auction as a stronger yen against the dollar caught the market by surprise, dealers said.

Spot gold was quoted at $294.60/$295.35 a troy ounce, down from Friday's close in London at $296.75/$297.50. Gold fixed down at $293.10 from Friday's afternoon fix at $296.85.

Bullion dealers said the stronger yen sparked a sell-off in Asia, with sales noted from major producer Australia. Britain was to sell 25 tons of gold.