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Spot gold rose 0.4% to $1,233.60/oz by 3.10am GMT, after earlier touching $1,234.60/oz, its highest since March 6.
Platinum was up 0.5% to $962.50, while palladium rose 0.4% to $775.50.
Spot silver rose 0.4% on to $17.39/oz on Monday.
Hedge funds and money managers had slashed net long positions in Comex gold for the second consecutive week in the week to March 14.
Bengaluru — Gold prices hit a two-week high on Monday as the dollar held near five-week lows reached in the previous session, finding support from the US Federal Reserve’s conservative guidance on the path of rate increases in 2017.
Gold: Gold hits 2-wk high as Fed rate outlook weighs on dollar
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Gold hits two-week high as dollar plunges
As it stated in I strongly feel gold price will take its direction based on Fed interest rate policy,” Karim Merchant, group CEO and managing director of Pure Gold Jewellers, told Gulf News.
Dubai: Gold jewellery prices in Dubai spiked higher on Monday, as the US dollar plunged in the aftermath of the recent US Federal Reserve rate adjustment.
“Gold is testing higher ground due to dovish tone from Fed on interest rate increase for the rest of the year, coupled with short-term covering speculations.
“While we await further developments, gold is likely to settle into a range between $1,220 and $1,240 an ounce.
Others, however, are forecasting the price to range between $1,175 and $1,375 an ounce this year.