Gold rises with the fall of the dollar

Gold rises with the fall of the dollar
Gold rises with the fall of the dollar

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Gold prices rose on Thursday as the dollar weakened, but hawkish comments from US Federal Reserve policy makers limited the metal’s allure and kept it well below the important $1,800 level.

Spot gold rose 0.2 percent to $1,791.76 an ounce by 0501 GMT, after falling to its lowest level since November 4 on Wednesday. US gold futures rose 0.4 percent to $1,791.60.

The dollar index fell 0.1 percent from its 16-month high hit in the previous session, reducing the cost of the metal to buyers of other currencies.

“Since markets are anticipating some monetary policy normalization, this should affect gold in the short term,” said Hetish Jain, chief analyst at Yes Securities in Mumbai. “But major central banks are unlikely to raise interest rates significantly given the financial burden from higher Interest rates and accumulated large government debt.

Higher interest rates increase the opportunity cost of holding non-returnable gold.

As for other precious metals, silver rose in spot transactions 0.3 percent to $23.59 an ounce. Platinum rose 1.6 percent to $989.77, and palladium rose 2.3 percent to $1,893.76.

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