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Gold prices rose today, while recovering from a minimum value for the month, which was due to the depreciation of the U.S. currency, as the Group of Seven industrialized countries (G-7) reaffirmed the commitment of market exchange rates.
However, the gold market is still struggling to move feeds into positive territory as investors focused on a brighter global economic picture. In addition, gold is also not played a role safe-haven after North Korea confirmed that it had conducted an underground nuclear test.
Note also that the dollar index, which rose in early trade to one-month high against a basket of currencies, fell after the G7 countries said that fiscal and monetary policy should be directed to the devaluation of currencies.
Economists say that a combination of elements, including the weakness of the dollar after the statement of G7, just helped to recover precious metals from one-month lows.
Meanwhile, we note that from a technical point of view, the pressure on the price of gold began in the previous session after the price broke through some key support levels and fell below $ 1,650, indicating that the fall may continue.
Analysts also say that many investors still expect lower gold price in the short term, while the volumes remain thin, as most Asian markets are not working this week in connection with the celebration of the Lunar New Year.
February futures price of gold on COMEX today rose to 1649.50 dollars per ounce.
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