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Gold prices remain near a one-week high on Thursday as the U.S. dollar weakened and traders looked ahead to meeting minutes from the Federal Reserve.Comex gold futures for August delivery increased 0.22% to $1,256.20 a troy ounce as of 10:11 AM ET (14:11 GMT).Gold was bolstered by a weaker U.S. dollar. Gold normally rises as the dollar falls, as the precious metal is denominated in the U.S. currency and is sensitive to moves in the dollar.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, inched down 0.08% to 94.11.Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls.Investors are looking ahead to the minutes from the Federal Reserve’s meeting in June, which is expected at 2:00 PM ET (18:00 GMT). The central bank increased interest rates at its last meeting and signalled two more possible rate hikes by the end of the year. Traders will look closely for details on rate increases and the state of the U.S. economy.Expectations of higher interest rates tend to boost the dollar by making the currency more attractive to yield-seeking investors.Higher rates are a negative for gold as the precious metal, which does not pay interest, struggles to compete with yield-bearing assets when rates rise.
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