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Gold Holds Three-Month High as Platinum Extends Rally
Thursday, 2 January 2020 17:33 WIB | PRECIOUS METALS |PlatinumSILVEREMASGOLD

Gold held near a three-month high before the release of U.S. economic data. Platinum gained, extending a rally this week sparked by fresh money going into investment funds.

Final December IHS Markit numbers are due later today, followed by the ISM factory index on Friday, which could be vital for further moves in the U.S. dollar. Euro area numbers showed the manufacturing downturn deepened in December.

Gold prices have rallied in recently because of weakness in the dollar, pushing the 14-day relative strength index for bullion deeper into overbought territory.

Platinum is also benefiting from renewed enthusiasm. Hedge funds and other large speculators have boosted their bullish bets on the metal to the highest in more than three years.

Spot gold advanced 0.2% to $1,520.55/oz. Spot platinum gained 1.3% at $979.28/oz, near a four-month high. Spot silver and palladium also edged higher.

Source : Bloomberg

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