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Gold price rises on Chinese buying, Fed uncertainty


Representational image (Photo- Collected) Representational image (Photo- Collected)

Global gold rose to a one-week high on Thursday as Chinese retail investor demand rose and amid uncertainty over the direction of monetary policy in the United States before the announcement of a new chair of the Federal Reserve.

Spot gold was up 0.5 per cent to $1,279.31 per ounce at 0344 GMT, after earlier rising to $1,281.43, the highest since Oct. 26, reports Reuters.

US gold futures edged up 0.3 per cent to $1,280.70 per ounce.

The dollar pulled back from a 3-1/2-month high versus the yen, sagging ahead of a US tax bill that will be unveiled after a one-day delay.

Spot gold may break a resistance at $1,283 per ounce, and rise into a range of $1,289 to $1,295, said Reuters technical analyst Wang Tao.

Meanwhile, silver prices rose 0.2 per cent to $17.15 per ounce.

Platinum fell 0.2 per cent to $929.50 per ounce, while palladium was little changed at $1,001.30.

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