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Gold prices slipped on Thursday as investors booked profits after a sustained rally and pressure from institutional investors looking to raise cash, while focus shifted to U.S. economic data for clues on the Federal Reserve's rate path.

Gold prices were subdued on Wednesday as investors strapped in for minutes from the Federal Reserve's latest policy meeting for insights into the U.S. central bank's interest rate trajectory.

Spot gold held its ground at $2,619.75 per ounce by 02:55 GMT, after hitting a two-week low in the previous session. Prices scaled a record high of $2,685.42 on Sept. 26.

U.S. gold futures edged 0.1% higher to $2,638.20.

The dollar index witnessed a sharp rally to a seven-week high last week. A stronger dollar makes bullion less attractive to other currency holders.

"Gold prices seem to be seeing a much-needed retracement lower. But I suspect buyers are lurking and keen to snap up a bargain - so I'm not expecting a significant sell-off," said Matt Simpson, senior analyst at City Index.

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