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Gold prices rose today continuing the recent rally. Intraday the price of the precious metal traded above USD1,300 for the first time in five months. Demand for gold is driven by speculations on further stimulus measures by central bank as global growth is slowing according to the International Monetary Fund leading investors to buy the save-haven asset. The ECB's policy meeting is scheduled for tomorrow, January 22nd. Upcoming Greek elections lend further support as the anti-austerity party Syriza is leading in polls adding to uncertainty. A broadly weaker dollar also helped the precious metal as it makes dollar-nominated gold cheaper to buy for holders of other currencies.
The precious metal is currently quoted at USD1,297.60, +0,36% a troy ounce.
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