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Gold prices rebounded yesterday after falling to their lowest in a month in the previous session, but the strength of the dollar put the precious metal on a weekly downward path as investors wait for the meeting. the Federal Reserve (the US central bank) next week.
During trading, spot gold rose 0.5% to $ 1,762.55 an ounce, while US gold futures rose 0.4% to $ 1,762.80 the ounce. The yellow metal lost 1.6 percent of its value during the week.
The dollar settled near a 3 week high yesterday, raising the cost of gold for holders of other currencies.
And gold fell 2.7% the day before yesterday, after the dollar index surged, while an unexpected increase in U.S. retail sales last month raised expectations that the Federal Reserve will cut its stimulus program sooner than expected.
The Federal Reserve’s Open Market Committee meets on September 21-22.
Silver settled at $ 22.94 an ounce, after hitting its lowest level in more than a month yesterday.
Platinum rose 1.1% to $ 942.76 an ounce, while palladium fell 1.3% to $ 2007.95 an ounce.
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