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Gold prices hit two-week high as dollar slides amid imminent Fed rate hike

Jump was spurred by consumers buying ahead of July's increase in GST, says GFMS analysts

Reuters  |  London 

Gold prices hit a two-week high on Tuesday as the dollar fell on fading prospects of an imminent increase to US interest rates and expectations of stronger demand from the physical market. Spot gold was up 0.2 per cent at $1,2361 an ounce by 0913 GMT, having touched $1,238.76, its highest since July 3. US gold futures rose 0.3 per cent to $1,236.80. The dollar sank to a 10-month low against a basket of currencies, making dollar-denominated metals cheaper for holders of other currencies, which could boost demand. "We see gold averaging around $1,300 over the third ...

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First Published: Tue, July 18 2017. 16:25 IST