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Gold Touches 2-Week Peak as Fed Adds Pressure on Dollar

Gold prices notched a two-week peak as the dollar stood near five-week lows it touched in the session earlier, seeking support from the U.S. Federal Reserve's conservative guidance on the path of rate increases in 2017.

Spot gold climbed 0.4 percent to $1,233.60 an ounce, after previously notching $1,233.60 an ounce, its highest since March 6. U.S. gold futures settled 0.3 percent higher to $1,233.90. The dollar index fell 0.1 percent at 100.160. Since the policy move to raise rates on Wednesday, gold prices have climbed more than $35 as the greenback plunged five-week lows after Yellen's signal of a gradual pace of rate hikes this year, which disappointed dollar bulls.

Money managers trimmed their net long position in bullion by 44,058 to 49,835 lots, its lowest since early January. Holdings of SPDR Gold dropped 0.35 percent to 834.10 tonnes.

Spot silver was up 0.4 percent to $17.29 an ounce. Platinum climbed 0.5 percent to $962.50 and palladium was 0.4 percent higher to $775.50
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