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Gold rises above $1,200/ounce on Fed statements

Gold rises above $1,200/ounce on Fed statements
Photo Credit: Arabianeye - Reuters

Mubasher: Gold prices bounced above $1,200 per ounce during Thursday’s trading sessions due to U.S. dollar’s steep decline and U.S. Fed chairwoman’s statement on rising interest rate and slowing growth.

Spot gold price jumpe 0.9% to $1207.5 an ounce for the first time in nine months.

The price of gold futures also rose 1.2% to $1209.5 an ounce.