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Gold firms as dollar softens

Category: Economy

Date: 2021-07-28T06:21:48+0000
Gold firms as dollar softens

Shafaq News/ Gold firmed near the key $1,800 level on Tuesday, as the dollar softened and U.S. real yields plunged, though gains were limited by investor caution ahead of a Federal Reserve meeting that could provide details on stimulus tapering.

Spot gold rose 0.4% to $1,806 per ounce by 03:28 GMT. U.S. gold futures settled little changed at $1,806.90.

The dollar index slipped 0.3%, lowering gold's cost for holders of other currencies.

Also, the yield on 10-year Treasury inflation-protected securities (TIPS) hit a record low, translating into reduced opportunity cost of holding gold.

The precious metal has been confined to a tight trading range in recent weeks after briefly crossing $1,830, failing to capitalise on subdued U.S benchmark Treasury yields.

Investors are keeping a watch on how the Fed balances accelerating inflation with the increased economic threat of the Delta coronavirus variant, in its two-day policy meeting beginning on Tuesday.

Elsewhere, silver gained 0.6% to $24.81 per ounce, platinum rose to $1,058.61, up by 0.8%, and palladium by 0.3% to $2,615.6.

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