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Gold supported on dollar weakness

Published on Dec 28, 2022 12:10

Gold futures continued to stay supported by weakness in dollar overseas amid improving risk appetite as top gold consumer China relaxes quarantine rules. The yellow metal witnessed a volatile ride through 2022, peaking at $2078 an ounce during March as investors took to safe haven assets amid Russia`s invasion of Ukraine and plunged to a low of $1618 an ounce in November amid monetary tightening by central banks around the world that drove dollar higher. Sharp pullback in dollar following a spurt to 114 levels is seen giving the bullion necessary momentum to stay firm. COMEX gold futures are currently holding at $1817.00 an ounce, down marginally on the day.

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