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Aug. 18, 2020, 1:40 p.m. EDT

Gold notches back-to-back gains to settle above $2,000 for the first time in about week

Gold prices extend rally Tuesday, with the precious metal regaining traction to settle above the psychologically significant level at $2,000 for the first time in about a week amid persistent weakness in the U.S. dollar and slack in government bond yields. December gold (NYM:GCZ20) (NYM:GC00) settled up $14.40, or 0.7%, at $2,013.10 an ounce. The 10-year Treasury note yield was trading around 0.66%, around its weakest level since last week, while the dollar was at its lowest since 2018, trading 0.6% lower at 92.29, as gauged by a gauge of the buck, the ICE Dollar Index (IFUS:DXY) , against a half-dozen rival currencies. A weaker dollar can boost the appeal of gold because it is priced in the currency while receding yields can lower the opportunity cost of favoring bullion, which doesn't offer a yield, over Treasurys.

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Gold ends higher for a second session and retakes perch atop $2,000

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