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Gold hits 1-week low on firm U.S. dollar, rebounding yields
Gold dropped for a second straight session to its lowest in more than a week on Wednesday, as a firmer dollar and rebound in U.S. Treasury yields dented the metal’s allure. Spot gold fell 0.3% to $1,804.54 per ounce by 10:19 AM EDT, having hit a low since July 12 at $1,793.59. U.S. gold futures dropped 0.4% to $1,804.40 per ounce. The U.S. dollar traded close to its highest since the start of the year, making gold more expensive for holders in other currencies. Surging Delta variant COVID-19 infections which raised fears over a stalling global economic recovery, had weighed on risk sentiment and sparked an equities ... (full story)