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Gold slightly positive, market eyes dollar

Published on Feb 24, 2023 11:41

Gold prices were in positive on Friday tracking slight sell-off in dollar following data from the US that showed the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2022, thereby reducing case for aggressive rate hikes. Gross domestic product jumped by 2.7 percent in the fourth quarter compared to the previously reported 2.9 percent surge. The dollar index that measures the greenback against a basket however hovers around six and half week peak above 104 mark that could limit gains in the yellow metal. However, continues fall in initial jobless claims in US further gave Fed leeway to go ahead with increasing rates that does not bode well for the precious metal. COMEX gold was holding at seven and half week low at $1833.30 an ounce, but up 0.36% on the day.

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