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Gold gains as economic fears return

by AgaBullion
Gold gains as economic fears return

April 27 (Reuters) - Gold rose on Thursday as a softer dollar rekindled some of the bullion's appeal amid U.S. economic concerns, while investors also braced for data to further gauge the health of the economy ahead of a crucial Federal Reserve policy decision.

Spot gold rose 0.6% to $2,002.09 per ounce by 0656 GMT. U.S. gold futures climbed 0.7% to $2,010.60.

The dollar index dipped 0.1%, set for a second session of decline, making gold less expensive for other currency holders.

A weaker dollar is adding an element of support to gold, as investors keep an eye on U.S. debt ceiling talks, said Edward Meir, a metals analyst at Marex.

The next Fed meeting, that could offer some ideas on what to expect for the rest of the year in terms of rate hikes, is also being watched for, he said.

The U.S. House of Representatives narrowly passed a bill to raise the government's $31.4 trillion debt ceiling.

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