After a week of strong gains, gold prices pared some of that strength on Friday on a combination of position-squaring ahead of the weekend and after a stronger-than-expected report of second quarter U.S. gross domestic product data.

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The tourists began day three in a strong position but the combination of left-arm seamer Bollinger and off-spinner Nathan Hauritz destroyed their first innings, with the last four wickets falling for just two runs in 10 balls.

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Barclays Capital said the rise in the speculative position comes on a combination of new longs and short covering activity.

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