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Gold is on the 3-weeks period maximum against the weak dollar

The gold price have grown to a three-week maximum against light trading on the New Yearsí Eve, as US dollar decreases, elevating precious metalís appeal.

30.Dec.16 8:17 AM
By Anna Tuzova


Gold is on the 3-weeks period maximum against the weak dollar
February gold futures that are traded on the Comex of New York commodity exchange have grown to a maximum of $1164,25 per a troy ounce, which is the record mark since 9 December.

As at 9:41 GMT price is $1160,50, which is $2,40 (0,25%) higher after the surge  by $17,00 (1,49%) the day before. Yellow-metal price fell to 11-month minimum of $1124,30 earlier in December.

In the last day of trading tradersí activity remains low as many market players have already closed positions with the coming New Year holidays.

Dollar kept derogating from itsí 14-year maximum against a currency basket, as investors have been fixing their income in the run up to the end of the year.

USD index, which monitors changes in the American exchange rate against the trade-weighted basket representing six main rivals, has decreased by 0,18% to 102,48 as at 9:44 GMT, derogating from peak of 103,62 on 20 December.

The bell on Wall Street closed with a fall for a second day in a row yesterday as Dow failed to beat the barrier of 20000 points, and investors decided to fix the income. The goldís appeal has grown against the background of safe assetsí demand growth.

Gold prices collapsed when Donald Trump was elected president, as the USí bonds profitability growth and rally on the stock market have lowered the precious metalís appeal.

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