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Gold gained .4%, market “choppy”

ByVictoria

Spot gold gained 0.4% to $3,312.05 an ounce by 08:56 a.m. EDT (1255 GMT), after hitting a session low of $3,285.19 on Tuesday.

U.S. gold futures rose 0.3% to $3,310.60.

“The gold market has been kind of choppy recently, just reacting to fresh daily fundamental news events with no real trending price action. In the near term, market top is in place,” Jim Wyckoff, senior analyst at Kitco Metals, said.

Goldman Sachs recommended on Wednesday a higher-than-usual allocation to gold in long-term portfolios, citing elevated risks to U.S. institutional credibility, pressure on the Fed, and sustained central bank demand.

Spot silver fell 0.3% to $33.20 an ounce, platinum firmed 0.8% to $1,088.65 and palladium eased 0.6% at $972.36.

Source – Reuters

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