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GOLD: Intraday Analysis update & Forecast

Gold prices hovered near the key $2,000 level on Wednesday, as expectations of an end to the U.S. Federal Reserve’s rate hike cycle kept the dollar and U.S. bond yields subdued.

“The macroeconomic backdrop is turning supportive (for gold) as moderating inflation in the U.S. raises prospects for the end of the U.S. interest rate hiking cycle. The decline in US yields and the US dollar are increasing the investment appeal for gold,” wrote analysts at ANZ in a note.

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