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The gold price was relatively flat during Asian trading hours on Friday after hitting $1,157.50 per ounce on Wednesday - the highest since October 29 - as the US dollar continued to retreat.
Spot gold was last at $1,155-1,155.40 per ounce, down $0.20 from Thursday’s close. Trading ranged at $1,153.20-1,156.50 so far.
Gold had pushed above $1,150 buoyed by falling US rate hike expectations and the possibility of additional monetary easing as the US dollar weakened, which saw risk-off investors target bullion, said HSBC on Thursday.
The US dollar index fell to a 3.5-month low of 96.26 on Thursday after dovish comments from US policy-makers diminished expectations of US interest rate hikes this year. The index was last at 96.61 on Friday, up 0.02 percent from Thursday’s close.
Spot gold was last at $1,155-1,155.40 per ounce, down $0.20 from Thursday’s close. Trading ranged at $1,153.20-1,156.50 so far.
Gold had pushed above $1,150 buoyed by falling US rate hike expectations and the possibility of additional monetary easing as the US dollar weakened, which saw risk-off investors target bullion, said HSBC on Thursday.
The US dollar index fell to a 3.5-month low of 96.26 on Thursday after dovish comments from US policy-makers diminished expectations of US interest rate hikes this year. The index was last at 96.61 on Friday, up 0.02 percent from Thursday’s close.
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