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Gold rises 1% as dollar weakens after ECB stands pat on policy (Reuters)

“The ECB didn’t really change its policy and so we are seeing the U.S. dollar dropping here. That’s positive for gold,” said Bart Melek, head of commodity strategies at TD Securities. The dollar fell 0.3%, making gold less expensive for holders of other currencies, as the euro rose after ECB President Christine Lagarde said while it is keeping a close eye on the exchange rate, it is not a monetary policy tool. https://www.reuters.com/article/global-precious/precious-gold-rises-1-as…

Gold ETF holdings at fresh all-time high

"Year-to-date global net inflows of 938t (US$51.2 billion) have taken collective gold ETF holdings to a fresh new all-time high of 3,824t and AUM [assets under management] of US$241 billion," the council said. The gold price also hit a record high during August of $2,067 per ounce. "As equities continued to climb to new all-time highs, interest rates rose and yield curves steepened, investor positioning in the gold market consolidated later in the month and the gold price ended the…

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