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Gold heads for second day of gains on weaker dollar

Last updated: 01:54 14 Feb 2015 AEDT, First published: 02:54 14 Feb 2015 AEDT

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Gold looked set to gain for the second day running as Wall Street trading got underway.

Appetite for riskier stocks pushed the S&P 500 to a new record, but safe-haven gold held up. 

The metal was US$10 higher at US$1,233 per ounce and if it can hang on, today would mark the first two-day rise for bullion since late January.

A weaker dollar on Thursday helped gold rise and analysts at spread betting firm IG reckon we could soon see the beginning of a bounce to US$1,260.

That said, the yellow metal has been on a three-week downtrend and the price per ounce is the same as it was at the start of the week.

Reports of a peace deal for Ukraine has eased risk-sentiment somewhat but Greek debt talks are still keeping the markets on edge and Commerzbank analysts reckon gold should remain in solid demand thanks to the ongoing uncertainty.

Yesterday’s interest rate cut and announcement of plans to purchase government bonds by the Swedish central bank also suggest increased gold demand.

Meanwhile, silver climbed 2% to US$17.3 an ounce and platinum was also higher at US$1,205. 

Major movers

Randgold Resources (LON:RRS) up 30p to 5,115

Fresnillo (LON:FRES) 8p higher at 879p

Anglo American (LON:AAL) up 36p to 1,202p. 


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