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Gold pared early gains on Thursday as the U.S. dollar recovered and global stocks rallied after oil producers agreed to curb output.

"The gold and dollar markets are currently without very strong direction. The mixed views from U.S. Fed officials have weakened their credibility and the market has stopped buying (on) their comments," said Jiang Shu, chief analyst at Shandong Gold Group.

"Further oil price rallies may feed more convincingly into the gold market, especially if other non-oil commodities also rally, and the broader commodity indices rise," HSBC analyst James Steel said in a note.

The gold market will absorb another raft of U.S. and European economic data on Thursday, he said. U.S. GDP numbers are due, as well as European Union business confidence data.

Reference: Reuters