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Metals: rising gold prices

21/02/2024
Source : ORISHAS FINANCE
Categories: Raw materials

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Before the minutes of the latest US central bank policy meeting, the gold price rose for the sixth time in a row on Wednesday. It is supported by a weaker dollar.

Spot gold rose 0.4% to $2,030.7 per ounce at 0411 GMT, the highest level since Feb. 9. US gold futures rose 0.1% to $2,041.3 per ounce. The dollar index extended its losses for the third day in a row, making bullion at the greenback price more attractive to foreign buyers. Jigar Trivedi, a senior analyst at Reliance Securities says that “the dollar index fell slightly, which supports gold prices and we are also seeing safe-haven purchases due to growing tensions in the

Middle East.”

Spot platinum was up 0.4% to $904.75 per ounce, palladium rose 0.8% to $982.59, and silver gained 0.7% to $23.14 per ounce.

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