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Gold rose as a selloff in United States bonds eased and the greenback fell, relieving pressure on the precious metal after it fell the most in almost a month on Tuesday.
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Bullion climbed as much as 0.9 per cent to trade above US$4,360 an ounce, after shedding almost two per cent in the previous session. Treasuries steadied following a plunge that sent yields on 30-year notes to the highest in almost two decades on Tuesday. Higher borrowing costs are typically negative for gold, which doesn’t pay interest.
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The U.S. dollar fell against a basket of currencies Wednesday, also a tailwind for gold.
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Gold has recovered in recent weeks to trade around US$4,400 an ounce, supported by renewed investor demand and central-bank buying, notably from China. A fund manager survey by Bank of America Corp. on Tuesday showed the share who said gold was undervalued hit the highest level since March 2023.
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In a sign of the improving sentiment, bullion-backed exchange traded funds tracked by Bloomberg added more than 257,000 ounces of gold to their holdings on Tuesday, the biggest daily inflow since April.
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The dimming prospects for a peace deal between the U.S. and Iran may keep a lid on further gains, however. U.S. President Donald Trump insisted Tuesday that there were no talks ongoing with Tehran, leaving control of the Strait of Hormuz in limbo. The memorandum of understanding the two countries signed in June has expired with no plan to extend it, buoying oil prices. Energy-led inflation puts pressure on the Federal Reserve to raise interest rates, a headwind for bullion.
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The next clues on the Fed’s rate path will come later Wednesday with the release of the minutes from its July policy meeting, followed by Chairman Kevin Warsh’s speech to the Fed’s annual Jackson Hole symposium next week.
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Spot gold was 0.8 per cent higher at US$4,370.91 an ounce at 12:30 p.m. in London. Silver was up slightly at US$63.67 an ounce. Platinum and palladium gained. The Bloomberg Dollar Spot Index, a gauge of the U.S. currency, declined 0.2 per cent.
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