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Updated 04:18 27/02/20

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Gold price gains momentum as rally continues

Adam Pike, News Editor
6 Jan 2017, 12:37 p.m.

Gold’s impressive start to 2017 continued yesterday after surging to a one month high as the U.S. dollar weakened against a basket of the world’s leading currencies. The gold price rose despite the release of positive U.S. employment figures.

In New York, the gold price peaked at $1,185.90 per ounce before retreating prior to the close of the Comex. The gold price is now up over $60 per ounce since the first week in December, but still down over $150 per ounce since Donald Trump’s surprise election victory.

Yesterday’s move came after the Federal Reserve released the minutes from their latest meeting that talked about “the considerable uncertainty” surrounding Trump's proposed stimulus and interest plans.

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