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Gold failed to hold onto early gains and trended lower overnight, before consolidating in negative territory in early European trade, amid the ongoing concerns over growth prospects in China. The drop in gold is due to further central bank intervention, this time by the BIS’ FX and gold trading desk under the auspices of Benoit Gilson. At the same time, the risk averse sentiment weighed on the energy complex, with WTI and Brent Crude futures trading lower.