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Gulf Today Report
Gold prices gained on Monday, gearing for a seven-week rise as the dollar and US Treasury yields decline.
Spot gold was up 0.1% at $1,777.65 per ounce by 04:50 GMT while US gold futures edged 0.1% lower to $1,777.80 per ounce.
According to Michael McCarthy, chief market strategist at CMC Markets, the drop in dollars and interest rates is supportive of gold.
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"We've got the momentum. But of course, we are at a very important point having just got through that $1,765 level,” he added.
The decline in the dollar makes it weak against its rivals, thereby, making gold more affordable for other currency holders.
On the other hand, lower bond yields reduce the opportunity cost of holding non-interest bearing gold.
US Federal Reserve has reiterated its stance to keep monetary policy accommodative until the crisis is over, while Fed officials have said that any spike in inflation is likely to be temporary.
Spot gold was down 0.3% at $1,734.31 per ounce by 03:45 GMT while US gold futures were also down 0.3% at $1,733.70 per ounce.
Spot gold was steady at $1,711.61 per ounce by 02:57 GMT while US gold futures dipped 0.3% to $1,710.20.
Spot gold rose 0.4% to $1,707.81 per ounce by 05:23 GMT while US gold futures climbed 0.4% to $1,704.90.
Spot gold was up 1% at $1,750.24 per ounce by 05:44 GMT, after rising as much as 1.1% earlier in the session while US gold futures rose 1.1% to $1,748.50.
Global stocks rallied on Tuesday and the dollar dipped as weak US data sparked hopes the Federal Reserve could ease its interest-rate hiking plans.
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