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Gold prices edged up on Wednesday but hovered close to recent lows, with a strong U.S. dollar taking some of the precious metal’s shine away.

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Gold prices rose on Tuesday, with persistent inflation worries keeping bullion’s appeal as a hedge against higher price levels intact despite a stronger U.S. dollar and elevated bond yields.

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Gold prices eased on Friday due to a firmer dollar but were on track for their biggest weekly gain in six months as concerns over soaring U.S. consumer prices boosted the metal’s appeal as an inflation hedge.

Spot gold fell 0.2% to $1,857.84 per ounce by 0625 GMT, after hitting a five-month peak on Wednesday. U.S. gold futures eased 0.1% to $1,861.30.

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Gold prices edged up on Thursday, recovering from a three-week low in the last session as investors took solace in the U.S. Federal Reserve saying it would not rush into hiking interest rates even as it begins tapering its stimulus. Spot gold rose 0.3% to $1,775.00 per ounce by 0419 GMT, after touching its lowest since Oct. 13 on Wednesday. U.S. gold futures gained 0.7% to $1,775.40.

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Gold prices eased on Wednesday as traders cautiously awaited the outcome of the U.S. Federal Reserve policy meeting where the central bank is likely to announce tapering of its economic support and also address growing inflationary risks. Gold is traditionally viewed as a hedge against inflation, but reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of holding bullion, which pays no interest.

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