Gold fell on Thursday trading after a Chinese report which showed that exports grew by the weakest pace in seven months, which raised concerns the sluggish global growth pace would continue, enhancing demand on the dollar. Chinese trade surplus narrowed to $14.51 billion in September from $17.76 billion in August as exports slowed to 17.1%, the weakest pace in seven months, from 24.5% and imports slipped to 20.9% from 30.2%. The dollar rose to touch a high of 77.42 compared with the day's opening level of 77.00, according to the dollar index which tracks the dollar movements against a basket of major currencies. Meanwhile, investors are still cautious that European leaders would be not able to contain the debt crisis ahead of the important European Council meeting on October 23. The ECB said the participation of private-sector banks in bailing out debt-trapped nations would yield in financial instability, noting that the turn is now on the European governments after the ECB had supported banks from collapsing since the start of the financial crisis. On the other hand, data from the United States showed improvement as initial jobless claims dropped to 404,000 in the week ended October 8 from the revised 405,000. Spot gold is traded around $1660.80 an ounce after recording a high of $1684.10 and a low of $1652.67. Crude oil also slipped to $83.72 a barrel from the day's starting level of $84.90. Among other precious metals, sliver edged down to $31.68 from the day's opening of $32.54, platinum plunged to $1527.20 from $1534.57 and palladium slumped to $589.75 from $605.50, as of 14:50 GMT.
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