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Gold prices decline with the rise of the dollar

2024-03-27T04:39:41+00:00

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/ Gold prices declined today, Wednesday, due to the rise of the dollar, despite gold trading in a narrow range as investors remained on the sidelines awaiting further signals regarding the policy of the Federal Reserve (the US central bank).

By 03:10 GMT, gold in spot transactions fell 0.1 percent to $2,176.29 per ounce. US gold futures fell 0.1 percent to $2,175.20.

The dollar index rose 0.2 percent against its competitors, making gold more expensive for holders of other currencies

Gold prices have risen more than 5% so far this year and hit a record high last week, supported by increased bets on Federal Reserve easing and continued safe-haven demand and central bank purchases amid geopolitical tensions.

Investors are now looking to core US PCE data due on Friday to gauge when the Fed might start cutting interest rates.

Silver stabilized in spot transactions at $24.42 per ounce, platinum fell 0.1% to $902.15, and palladium fell 0.6% to $988.15.

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