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Gold prices ended Wednesday’s session up $3.80 an ounce, extending their gains to a third-straight session, after Federal Reserve Chair Janet Yellen signaled a cautious approach to further monetary tightening.
Gold prices rose yesterday, edging further away from a 4-month low struck earlier this week, as the dollar weakened ahead of an appearance by Federal Reserve chair Janet Yellen in front of a congressional committee.
Gold started the week on the back foot, testing the $1208-$1205 area, but managed to recover its earlier losses and ended the day up $1.55 at $1214.09 an ounce.
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Gold prices settled at $1212.20 an ounce on Friday, suffering a loss of 2.36% on the week, as the dollar edged higher after the Labor Department reported that the economy added 222000 jobs in June, surpassing consensus estimates of 175000.
Gold edged higher on Tuesday as investors awaited Federal Reserve minutes of its June meeting.
Gold prices dropped nearly 1.8% on Monday to settle at their lowest level since May 10 as the dollar firmed after stronger-than-expected manufacturing data bolstered confidence in the US economy.
Gold prices settled at $1241.43 an ounce on Friday, suffering a loss of 1.25% on the week and 2.17% over the month.
Gold prices ended Thursday’s session down $4.32 an ounce but remained within the trading range of the past two weeks.
Gold inched higher on Wednesday as the dollar’s weakness persisted but a strong session for equities did limit buying interest.
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Gold prices rose $2.65 an ounce on Tuesday, moving away from a six-week low struck earlier this week, as a weaker dollar and losses in equity markets boosted the appeal of the precious metal as an alternative investment.
Gold prices fell $12.75 an ounce on Monday, surrendering the majority of the gains made over the past three sessions, as the dollar firmed ahead of a speech by Federal Reserve Chair Janet Yellen.
Gold snapped a two-week losing streak as the dollar failed to extend its latest gains after a few Fed officials said that the U.S. central bank should hold off raising interest rates further until it was clear inflation accelerated.
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Sign up to get the latest market updates and free signals directly to your inbox.Gold prices ended Wednesday’s session up $3.82 an ounce, snapping a four-day losing streak, as a retreat in the dollar sparked some short-side profit taking.
Gold prices inched higher on Wednesday, after hitting its lowest since May 17 in the previous session, as Asian stocks fell.
Gold prices fell to a one-month low on Monday as the US dollar continued to strengthen following more hawkish rhetoric from last week’s Federal Reserve meeting.