Gold is trading near 28000 as Europe opened in red,
European debt concerns continued to augment the safe have appeal for the yellow metal. On US front, Philadelphia Fed Manufacturing index, a regional gauge for manufacturing activity declined to -30 in August,as compared with 3.2 in July. Moreover, Morgan Stanley cuts its global economic growth forecasts, citing "recent policy errors" and saying that US and Europe are now "dangerously close to recession"
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