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Gold rises on short-covering after falling to four-month low

Reuters  |  NEW YORK/LONDON 

By Renita D. Young and Peter HobsonNEW YORK/LONDON (Reuters) - Gold prices rebounded from a 4-1/2-month low on Wednesday on short-covering as the U.S. dollar came off its 2018 highs and U.S. bond yields sat near multi-year peaks.Spot gold was 0.2 percent higher at $1,292.19 by 1:39 p.m. ET (1739 GMT), having gone as low as $1,286.20, its weakest since Dec. 27.U.S. gold futures for June delivery settled up $1.20, or 0.1 percent, at $1,291.50 per ounce. "A lot of people are trying to cover shorts from the break at the $1,316 level. That was a good area people were betting for the downside," ...

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First Published: Wed, May 16 2018. 23:22 IST
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