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Mar 22, 2017

Gold Hits 3-Week Peak as Investors Shunn Equities on Trump Worries by CNBC Gold News
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Gold strengthened on Wednesday, with the price touching its highest in three weeks as the dollar languished near six-week lows and bond yields sank on uncertainty over the economic policies of U.S. President Donald Trump.
Spot gold rose 0.27 percent to $1,247.83 per ounce, after touching a three-week peak of $1,248.47.
The lack of a concrete policy from the Trump administration is increasing gold's attraction as a safe-haven investment, analysts and traders said.
"It seems that equity investors decided to take some money off the table, perhaps getting slightly wary about the progress in President Trump's legislative agenda," INTL FCStone analyst Edward Meir said.
U.S. gold futures were up 0.1 percent at $1,247.80.
Gold was also supported by a further drop in U.S. Treasury yields, with the 10-year benchmark yield dipping below 2.4 percent for the first time since March 1.
Gold has rallied nearly $50 from last Wednesday's low following a less hawkish policy statement from the U.S. Federal Reserve.
"The re-positioning of investors since the FOMC meeting continues unabated, with investors becoming less bearish as a result of the subdued outlook for rates in 2018," ANZ analysts said in a note.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.5 percent to 834.40 tonnes on Tuesday after three sessions of outflows.
In other precious metals, Spot silver was down 0.2 percent to $17.53 per ounce, after hitting a more than two-week high of $17.59 in the previous session.
Platinum was 0.21 percent lower at $964.99 per ounce, after touching a two-week peak at $974.80 on Tuesday. Palladium gained 0.76 percent at $792 per ounce. The metal hit a more than one-month high at $792.90 in the prior session.