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Gold Rises as US Dollar Weakens, Eyes on a debate between Trump and Biden

Adel 28 September, 2020 1:21 pm Commodities, Market Update

Gold prices rose on Monday, September 28, as the dollar retreated from a two-month high last week as political uncertainty increased ahead of the first presidential debate between US President Donald Trump and his Democratic rival, Joe Biden.

Gold rose in the spot market 0.1% to $ 1861.13 an ounce by 05:03 GMT. In futures trading in the US, the yellow metal settled at $ 1865.90.

The dollar index fell 0.2% versus its rivals, down slightly from a two-month peak it hit last week. A strong dollar raises the cost of gold to holders of other currencies.

The first presidential debate between Trump and Biden will take place on Tuesday.

As for the other precious metals, silver stabilized at $ 22.87 an ounce, while platinum rose 0.6% to $ 852.21, and palladium rose 0.1% to $ 2,188.18.

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