Metals Stocks: Gold gains as strong dollar cools its advance

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Gold futures found some traction on Thursday as the dollar slipped from the multimonth highs it hit earlier this week.

Gold has chopped in a narrow trading band, penned in by overall relative strength in the U.S. dollar and prospects for higher U.S. interest rates, which tend to work against nonyielding gold. But gold has been underpinned by U.S. election nerves.

Gold “remains close to the 200-day moving average. Robust physical demand is countered by continuing selling from the gold ETFs,” said commodities analysts at Commerzbank, led by Carsten Fritsch, in a note. “The strong gold demand in India is no doubt responsible for the gold price not coming under pressure .

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