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. Last Updated: 07/27/2016

Gold Slides Before Sale

LONDON -- Gold drifted lower in early European trade Friday in a quiet market awaiting next Tuesday's British auction of 25 metric tons of gold reserves, dealers said.

Spot gold was last quoted down at $255.35/$255.75 a troy ounce against Thursday's New York close of $256.25/$256.75.

"With the Bank of England auction next week on Tuesday, gold could face further volatility today. Once the second auction is over gold would certainly benefit from any good news by the IMF, and some good support could be found," a Swiss dealer said.