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Gold settles higher over Fed's dovish approach
Last Updated: 2019-03-22 10:25 | Xinhua
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Gold futures on the COMEX division of the New York Mercantile Exchange closed higher.

The U.S. Federal Reserve said on Wednesday that it decided to leave key interest rates unchanged, which made the dollar softened and supported gold futures.

The most active gold contract for April delivery once climbed sharply to 1,320 dollars per ounce early Thursday morning.

However, when the dollar gradually strengthened, April gold gave up most early gains but still settled with a moderate rise.

The U.S. dollar index, which measures the greenback against six major peers, was up 0.68 percent to 96.58 as of 1724 GMT, shortly before gold's settlement.

When the dollar rises, gold futures usually fall or at least lose upside momentum as gold, priced in the dollar, becomes more expensive for investors holding other currencies.

At the end of the session, the April gold was up 5.6 U.S. dollars, or 0.43 percent, to settle at 1,307.30 dollars per ounce. Silver for May delivery was up 11.9 cents, or 0.78 percent to close at 15.437 dollars per ounce. Platinum for April delivery was up 1.50 dollars, or 0.17 percent, to settle at 861.10 dollars per ounce. Enditem

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