Gold prices rose as the dollar fell

Gold prices rose as the dollar fell
Gold prices rose as the dollar fell

Gold prices rose as the dollar fell

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Gold prices rose as the dollar fell today, Tuesday, as investors focused on the minutes of the US Federal Reserve’s November meeting in search of guidance on future rate hikes.

Spot gold was up 0.4 percent to $1,745.13 an ounce by 0433 GMT. Gold futures contracts in the United States were also up 0.4 percent to $1,746.00.

Gold erased some of the previous session’s losses as investors preferred to buy the dollar as a safe haven amid new restrictions to combat Covid-19 in China.

The dollar’s rise stalled on Tuesday, making gold cheaper for buyers outside the United States.

Federal Reserve minutes are due at 1900 GMT with most traders betting on a 50 basis point rate hike in December.

Gold is seen as a hedge against inflation, but high interest rates discourage investment in the precious metal, which does not have a fixed rate of return.

Spot silver was up 1.4 percent to $21.14 an ounce, platinum was up 1.4 percent to $995.63 and palladium was up 0.7 percent to $1,878.00.

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