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Gold further recovered and is currently trading just below the important key level of USD1,200 at USD1,197.60 a troy ounce quoted +0,10%. Market participants are awaiting the result of the FED's two-day meeting today to assess the timing of a benchmark interest rate hike. Talk about the fact that the central bank may abandon his former statement, which said that rates will remain near zero "for an extended period of time," on Wednesday, supported the US dollar and damaged precious metals in recent days. Gold, which does not bring interest income, can hardly compete with the assets generating interest income when interest rates rise. A stronger U.S. dollar makes gold more expensive to buy for holders of other currencies. Falling oil prices at five-year lows and potential Russian bullion sales to stabilize the slumping ruble weigh on the precious metal.
GOLD currently trading at USD1,197.60
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