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Gold climbs in London as dollar weakens

Published : Thursday, 15 February, 2018 at 12:00 AM Count : 155

LONDON, Feb 14: Gold rose for a second day on Tuesday as the dollar slipped in the face of a recovery in global equities, which dampened appetite for the US currency as a safe store of value.
A retreat in the dollar, in which the precious metal is priced, has helped gold to pull back nearly 2 per cent from last week's one-month low of $1,306.81 an ounce. Spot gold was up 0.4pc at $1,328.44 by 1245 GMT, while US gold futures for April delivery were $4.30 an ounce higher at $1,330.70.
While bullion is sometimes seen as a haven from risk, it benefited little last week from the slide in equities as investors moving out of stocks broadly sought refuge in the dollar, trumping other drivers.
"Gold is moving up when risk appetite is improving, and that's happening because the dollar is weakening - otherwise that should not happen," said ABN Amro analyst Georgette Boele.    —Reuters





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