Gold Up on Weaker Dollar Ahead of Central Bank Meetings

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Gold rose around one percent on Monday, due to a weaker dollar and mirroring strong equity markets on prospects of further central bank monetary easing in the United States and Europe, but physical buying slowed as China and Japan were on holiday.

Weak U.S. growth data has raised expectations the Federal Reserve will keep its bond buying at $85 billion a month, while the European Central Bank (ECB) is widely expected to announce an interest rate cut when it meets on Thursday.

Accommodative policy is supportive for gold, as printing of money tends to be inflationary.

29-Apr (Reuters)

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