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Gold hits fresh 8-year highs

Gold prices moved higher closing at fresh 8-year highs.

The dollar moved lower on and continues to experience downward pressure which is helping to buoy the yellow metal. The 10-year US treasury yield was stable and continues to hover near 63-basis points.

Stronger than expected inflation figures released in the US on Tuesday helped buoy gold prices as investors looked for hard assets as a way to protect against higher inflation.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.