“Today’s run is part of a broad-based correction with the dollar weakness,” said Eli Tesfaye, senior market strategist for RJO Futures in Chicago.
Spot gold has risen over 2 percent this week, recovering from a four-month low touched on Tuesday under pressure from expectations that the U.S. central bank is on track for its first interest rate increase in nearly a decade.
Such a move would boost the dollar and lift the opportunity cost of holding non-yielding bullion. The Fed, however, indicated it preferred a more gradual path.
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