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Gold prices fell $14.16 an ounce on Tuesday, weighed down by a rally in the U.S. dollar following Federal Reserve Chairman Jerome Powell’s testimony before the House Financial Services Committee.
Gold prices rose $5.39 an ounce on Monday as the dollar’s recent rally stalled ahead of key U.S. economic reports and a speech from Federal Reserve Chairman Jerome Powell later in the week.
Gold prices settled at $1328.75 an ounce on Friday, suffering a loss of 1.37% on the week, as concerns about higher interest rates resurfaced following the release of minutes from the Federal Reserve’s January meeting.
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Gold prices ended Thursday’s session up $7.21 an ounce, snapping a four-day losing streak, as a retreat in the dollar sparked some short-side profit taking.
Gold prices fell for a fourth straight session on Wednesday to settle at their lowest level in a week as the dollar strengthened after minutes from the latest Federal Reserve Open Market Committee meeting showed that policymakers backed further interest rate hikes.
Gold prices continued to slide yesterday, extending losses from Monday’s session, as the dollar continued to appreciate.
Gold prices ended Monday’s session down $0.72 an ounce as the dollar recovered some of its recent losses.
Gold ended the week up $33.44 at $1347.65 an ounce, driven by a weak dollar. Despite a number of factors that should be driving the dollar higher, it is sliding again.
Gold prices ended Thursday’s session up $3.21 an ounce, extending gains to a fourth straight session, as dollar weakness continued.
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Gold prices rose for a third straight session on Wednesday to settle at their highest level since January 29 as continued weakness in the U.S. dollar and inflation fears increased demand for the precious metal.
Gold prices ended Tuesday’s session up $6.66 an ounce as a weaker U.S. dollar gave the precious metal a boost.
Gold prices rose $8.18 an ounce on Monday, helped by a softer dollar. The dollar slipped yesterday as world stock markets rebounded after two weeks of sharp declines.
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Sign up to get the latest market updates and free signals directly to your inbox.Gold ended the week down $15.55 at $1316.14 an ounce, recoding a second consecutive weekly loss, as the dollar’s rebound from multi-year lows weighed on the precious metal.
The US Dollar gains stopped, hence, the gold got a chance to achieve more gains
Gold prices declined for a second straight session on Wednesday to settle at their lowest level since December 11 as the American dollar continued to gain strength.