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Gold edges lower as US dollar rebounds

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Gold prices edged lower today as the US dollar, an alternative asset to the yellow metal, rebounded after dipping on the back of yesterday’s decision by six central banks to reduce interest rates on US dollar swaps.

The Federal Reserve and five other top central banks said yesterday that interest rates on US dollar liquidity swaps would be reduced by half a percentage point from December 5 to boost liquidity in the banking sector.

The move prompted a relief rally in equity and commodity markets around the globe, helping the Dow Jones benchmark index to its biggest daily gain since March 2009, while reducing demand for safe haven assets including the US dollar.

The price of gold managed to find enough support to hold decline above US$1,740 this afternoon.

Gold traded at US$1,745/oz this afternoon, down US$4 from Wednesday’s close. Other precious metals were on the rise today with silver climbing 17 cents to US$33/oz and platinum adding US$2 to reach US$1,558/oz.

Today’s top risers in the sector were:

Archipelago Resources (LON:AR.), up 11 percent at 70 pence at midday

Yamana Gold (LON:YAU), up 4.5 percent at 1,080 pence

Norseman Gold (LON:NGL), up 4 percent at 6.18 pence

Solomon Gold (LON:SOLG), up 3.5 percent at 11.75 pence

Fresnillo (LON:FRES), up 3 percent at 1,762 pence

The top fallers were:

Greatland Gold (LON:GGP), down 5 percent at 0.951 pence

Landore Resources (LON:LND)
, down 4 percent at 9.75 pence

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