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Gold slips below $2,000 level as dollar halts slide

A view of ingots of 99.99 percent pure gold, which are placed in a workroom, at Novosibirsk Refining Plant, Russia’s leading gold refining and bar manufacturing plant, in Novosibirsk, Russia on September 15, 2023.

Alexander Manzyuk | Anadolu Agency | Getty Images

Gold eased below the key $2,000 level on Wednesday, as the dollar stabilized from its recent drop, although expectations that the U.S. Federal Reserve has reached the end of its tightening cycle put a floor under bullion prices.

Spot gold was down 0.1% at $1,996.33 per ounce, as of 0335 GMT. Bullion scaled a three-week high of $2,007.29 in the previous session.

U.S. gold futures eased 0.2% to $1,998.10.

“Softer yields and the dollar have been a clear benefit for gold prices, all thanks to softer U.S. economic data that has brought forward the case for the Fed’s first cut in 2024,” City Index senior analyst Matt Simpson said.

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