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Jan. 20, 2021, 1:45 p.m. EST

Gold futures settle at a nearly 2-week high

Gold futures ended Wednesday at their highest in nearly two weeks. "Precious metals were supported above all by a weaker U.S. dollar, which fell further on the back of renewed strength for stock markets," with U.S. benchmark stock indexes (S&P:SPX) climbing to new records amid "ongoing reflation trade," said Fawad Razaqzada, market analyst at ThinkMarkets. This pushed foreign exchange investors into foreign currencies, as well as gold and silver, he said. The ICE U.S. Dollar Index (IFUS:DXY) was little changed in Wednesday dealings, but traded lower for the week so far. February gold rose $26.30, or 1.4%, to settle at $1,866.50 an ounce. That was the highest most-active contract finish since Jan. 7, according to FactSet data.

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