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News: Gold ticks higher in New York

  1. Gold prices posted its first gain in three sessions following a pullback for the U.S. dollar, disappointing economic data and news of strong demand for the metal in the fourth quarter of last year.

    But strength in U.S. equities helped draw some investors away from the precious metal, limiting gold’s price climb. U.S. stocks traded higher, in part due to news of a Ukraine cease-fire deal with Russia.

    Gold for April delivery rose 0.1% to settle at US$1,220.70 an ounce on the Comex.

    The dollar fell 0.33% against a basket of currencies.

    Data today showed weaker-than-expected January retail sales and jobless claims climbed by 25,000 to 304,000 in the first week of February.

    A World Gold Council report showed that gold demand fell last year amid a demand fall in two key markets: China and India.

    However, it also said gold demand growth rose into the end of the year—fourth-quarter demand was 988 tons, up 6% from the same period the year before.

    In other metals trading, March silver gained 0.2% to US$16.794 an ounce.

    Platinum for April delivery added US$4.90 to end at US$1,200.50 an ounce, while March palladium climbed by US$7.10 to US$773.65 an ounce.

    High-grade copper for March delivery added 2.4% to US$2.602 a pound.

     

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