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Gold up as Dollar pulls back

Prices for Gold were up on Wednesday after hitting a 7-Week low in the previous session. The Dollar picked up after Dollar fell against in the Dollar Index from its 1 and a half month highs.

Spot gold had risen 0.3 percent to $1,275.34 an ounce by 0338 GMT, touching its lowest since mid-August at $1,267.76 on Tuesday.

U.S. gold futures for December delivery were also up 0.3 percent at $1,278 per ounce.

Gold Prices have steadied since yesterday, with help from Dollar as it dwindled against the basket of currencies it is pegged against. The dollar shed gains on Wednesday after concerns over President Trump’s Nomination for Federal Reserve Chair.

The three major equity exchanges closed higher on Tuesday after it closed on its record highs on the back of Strong Economic growth.

A weaker dollar makes commodities cheaper for the holders of other currencies, whereas stronger equities imply increased appetite for risk among the investors. As equities soar, the less risky investments in Gold and other commodities decline.

Among other precious metals, silver climbed 0.8 percent to $16.72 an ounce.

Platinum was 0.5-percent higher at $912 an ounce, while palladium climbed 0.7 percent to $921 an ounce. The sister-metals, widely used as auto catalysts, hit price parity for the first time in 16 years last week.

Posted on: 2017-10-04T15:54:00+05:00
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