Gold climbed to its highest in nearly two weeks on Thursday as expectations of an early hike in U.S. interest rates eased and the dollar lost traction after the release of minutes of the last Federal Reserve policy meeting.
Spot gold rose to $1,225.24 an ounce early on Thursday, before paring some gains to trade up 0.2 percent at $1,223.95 by 0310 GMT. The fourth straight day of gains took gold further away from a 15-month low of $1,183.46 hit on Monday.
U.S. gold futures jumped over 1.5 percent to $1,226.20, also close to a two-week peak, while silver futures rose about 2 percent. “The market was on the short side and the current move is a squeeze not just in gold but all precious metals,” said a bullion trader in Sydney.
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