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Gold ticks up on weaker dollar; solid US data caps gains

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Gold prices edged higher on Wednesday as the dollar fragile, although upbeat US producing data lifted hopes in relation to global economic recovery and even curbed demand for the safe-haven metal.

FUNDAMENTALS

Spot precious metal was up 0.1% at $1,971.07 per ounce by 0032 GMT, after hitting it is highest since Aug. 19 at $1,991.91 on Tuesday.

US precious metal futures were steady in $1,978.90.

The dollar index held near a more than two-year reduced on bets that US interest rates would stay reduced for longer under the new fiscal policy approach from the National Reserve.

The US middle bank would need to roll out even more stimulus to fulfil it is new promise of better job growth and increased inflation, Fed Governor Lael Brainard said on Wednesday.

Low interest rates reduce the prospect cost of holding non-yielding bars, which is also used as a off-set against inflation and currency debasement.

Senate Republicans can easily take up their COVID-19 relief bill next week presenting $500 billion in further federal aid, White Residence chief of staff Tag Meadows said.

Meanwhile, US manufacturing activity accelerated to some nearly two-year high in Aug amid a surge in completely new orders.

Asian shares were being set gain on Sunday, encouraged by buoyant US moves that followed stronger-when compared with-expected manufacturing indicators.

More than 25.61 million individuals have been reported to be afflicted by the novel coronavirus worldwide and 851,300? have got died, according to a Reuters news agency tally.

Silver gained zero.3% to $28.25 per ounce, platinum went up by 0.3% to $943.63, and palladium climbed 0.2% to $2,276.83.

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