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Gold rose more than 1% today, Thursday, boosted by lower yields on the dollar and US bonds, while dismal US employment data overshadowed expectations of a recovery economic, reinforcing the attractiveness of the metal as a safe haven..
As of 5:39 p.m. GMT, the spot price of gold was up 1.2% to $ 1,727.86 an ounce. Most markets will be closed tomorrow for Good Friday.
“This is an upward correction in the market with a regressive structure,” said Philip Streibel, chief market strategist at Blue Line Futures in Chicago, adding that gold could rise to $ 1,740 up to what yields pick up and the metal returns to its decline..
The dollar index retreated from its five-month high on Wednesday, lowering the cost of gold for holders of other currencies. Record yields on U.S. Treasuries also fell.
In other precious metals, silver rose 2.1% to $ 24.89 an ounce, while platinum rose 1.8% to $ 1,208.42 and palladium rose 1.0% to $ 1.00 per ounce. 3% to $ 2,651.79 an ounce..
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