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Gold hits near 2-week high on softer dollar; focus on Fed meeting

“Gold looks firm mainly because of a weaker dollar and also U.S. Treasury yields are coming down a bit,” said Edward Meir, an analyst at ED&F Man Capital Markets. The dollar index slipped against its rivals, making gold less expensive for holders of other currencies. Market participants now await the U.S. Fed’s two-day policy event which ends on Wednesday, its first such meeting since Chairman Jerome Powell unveiled a policy shift towards greater tolerance of inflation, effectively…

Gold gains on dollar weakness, dovish Fed policy hopes

"Gold is rising as the dollar is under quite a bit of pressure. We also saw Steven Mnuchin indicating that they want some kind of fiscal stimulus deal done, so that would further weaken the dollar," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago. The dollar .DXY fell 0.3% against rivals, bolstering gold's appeal for investors holding other currencies. USD/ U.S. Treasury Secretary Mnuchin said there still could be a deal with the U.S. Congress…

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