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Jan. 19, 2021, 1:42 p.m. EST

Gold futures finish higher for the session

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By Myra P. Saefong

Gold futures finished higher on Tuesday, with the gain "clearly" related to the move in the U.S. dollar, spurred on by Janet Yellen, President-elect Joe Biden’s nominee to head the Treasury Department, who called for "additional stimulus programs in the coming weeks or months," said Jeff Wright, executive vice president of GoldMining Inc. From her experience with the Federal Reserve, "she talks about a strong U.S. dollar but then pursues actions resulting in a much weaker U.S. dollar, so longer term this is excellent for gold to go higher." February gold rose $10.30, or 0.6%, to settle at $1,840.20 an ounce. It recouped some of the 1.2% loss it suffered on Friday, before Monday's Martin Luther King, Jr. holiday.

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