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Gold firms on weaker dollar as focus turns to Fed

reporters@khaleejtimes.com Filed on August 17, 2020
Gold fell 4.5 per cent last week in its biggest decline since March. - Reuters

Gold prices in Dubai for 24K touched Dh235.50 per gramme

Gold rose on Monday as the dollar eased, recouping initial declines following a steep drop in the previous week, with focus on the release of US Federal Reserve minutes later this week.

Spot gold rose 0.3 per cent to $1,949.09 per ounce by 0636 GMT. Gold fell 4.5 per cent last week in its biggest decline since March as investors reassessed positions after bullion retreated from a record peak of $2,072.50 scaled on August 7. US gold futures gained 0.5 per cent at $1,958.90 per ounce.

On Monday, Gold prices in Dubai for 24K touched Dh235.50 per gramme; 22K was at Dh221.25 per gramme; 21K at 211.25 per gram me and 18K at Dh181.00 per gramme.

Gold has risen 28.4 per cent so far this year as unprecedented global stimulus to ease the economic blow from the Covid-19 pandemic pushed investors to bullion as a hedge against inflation and currency debasement. 

Silver rose 1.5 per cent to $26.81 per ounce, platinum  rose 2.1 per cent to $955.54 per ounce and palladium gained 2.6 per cent to $2,164.07 per ounce. - With inputs from Reuters, business@khaleejtimes.com

Staff Reporter


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