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Gold hits year low
[DAWN] Gold hit its lowest in a year on Tuesday as the dollar steadied and most other markets were subdued before Federal Reserve Chair Jerome Powell testifies to the US Congress. Powell will likely reiterate the Fed’s plan for gradual monetary policy tightening as he takes his upbeat view of the US economy to Capitol Hill later this session. Markets will focus on his views on recent trade tensions, however.A strong dollar tends to weigh on gold by making the dollar-priced metal costlier for non-US investors. Spot gold was down 0.7 per cent at $1,231.89 an ounce at 1329 GMT, having hit its lowest since last July at $1,230.40. The precious metal is down some 5pc for the year. US gold futures for August delivery were down 0.8pc at $1,231.80 an ounce. Posted by: Fred 2018-07-19 |
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