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Gold Prices Slightly Higher as Fed Rate Hike Outlook Hits Dollar

Gold prices inched up to hold near two-week peaks it reached in the session earlier, as the dollar weakened. Chicago Federal Reserve President Charles Evans recently said that the U.S. central bank will not accelerate the pace to hike interest rates.

Spot gold rose 0.1 percent at $1,234.40 an ounce. U.S. gold futures were mostly flat at $1,234.60. The dollar index fell 0.2 percent at 100.190. The Fed is inclined to wait at least until the June policy meeting to decide if it will raise interest rates again. This gives it enough time to digest economic and financial market data along with clarity on the Trump administration's fiscal policy plans, according to Evans.

Holdings of SPDR Gold Trust dropped 0.46 percent to 830.25 tonnes on Monday from 834.10 tonnes on Friday. Russia's central bank, which aims to diversify the country's official reserves, reported a rise in its gold reserves in February, for the second month in a row.
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