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gold inches high; Dollar set for weekly losses on strength – Times of India – India Times English News – World Latest News Headlines

Gold prices recovered on Friday after falling to a one-month low in the previous session, though a stronger dollar set the metal for a weekly decline as investors waited for the key to next week. US Federal Reserve policy meeting.
Spot gold was up 0.3% at $1,758.10 an ounce by 0329 GMT, while US gold futures were up 0.2% to $1,759.50. The precious metal is down 1.6% this week.
“While support at $1,750 still remains, with some speculative short-covering lifting prices, the bounce looks weak and gold faces another test of $1,750 once the dollar stabilizes,” it said. . . Jeffrey Haley, a senior market analyst for Asia Pacific at OANDA.
The dollar hit a nearly three-week peak on Friday, raising the price of gold for buyers holding other currencies.
“If $1,750 is broken, gold could target the $1,715 area, a potential long term support near $1,675,” Halley said.
Bullion slipped 2.7% on Thursday as the dollar index jumped after an unexpected jump in US retail sales last month, raising hopes federal Reserve Too soon it could dampen its enthusiasm.
A two-day policy meeting of the Federal Open Market Committee is scheduled for September 21-22.
Less central bank incentives raise bond yields, increasing the opportunity cost of holding interest-free gold. It also helps to boost the dollar while putting more weight on the bullion.
Fitch Solutions It had a neutral outlook on gold for the coming months with the precious metal declining in 2022, a note said.
“NS irrigated“Monetary policy normalization, a strong global economic growth outlook and a temporary strengthening of the US dollar should restrain gold prices,” Fitch said.
On Thursday, silver fell 0.1% to $22.91 an ounce, hitting a one-month low.
Platinum rose 0.9% to $941.31, while palladium fell 1.8% to $1,997.08.

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