Gold gains as dollar slips

Gold gains as dollar slips

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LONDON: On Thursday gold prices gained after the US central bank reassured investors that growth in interest rates would be plodding, with geopolitical uncertainties also rendering support.

Spot gold rose for a second session, firming by 0.8% to $1,315.01 an ounce by 1400 GMT, while US gold futures for June delivery added 0.8% to $1,316.60. The US Federal Reserve said inflation on a 12-month basis was “expected to run near the committee’s symmetric 2% objective”.

“Yesterday’s FOMC meeting didn’t spark much fireworks, but it eased concerns over whether the Fed was going to stick to its gradual tightening policy, which I believe they are,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

Among other valuable metals, spot silver rose 1% to $16.51 an ounce, platinum climbed by 1.2% to $900.50 and palladium was up 0.9% at $968.

 

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