The rise in gold prices by almost the highest in two weeks

Gold rose today, Wednesday, to hover near its highest level in more than two weeks, amid expectations of a higher level of inflation, although transactions were limited to a narrow range, with investors showing caution before the two-day policy committee meeting of the Federal Reserve.

Gold rose 0.3 percent in the spot market to $ 1736.42 an ounce by 0455 GMT, and had earlier touched the highest level since the first of March at $ 1740.90.

In futures trading in the United States, the yellow metal rose 0.3 percent to $ 1735.40.

"Finally, it seems that gold has found a few friends even as revenues and the dollar continue to rise," said Geoffrey Haley, market analyst at Oanda. "Perhaps gold's role as a hedge against inflation will come to the fore and support prices."

And the dollar won for the fourth session, supported by high US revenues thanks to expectations of a stronger economic recovery after a package to revive the economy worth $ 1.9 trillion signed by the US President to turn into law last week.

In terms of other precious metals, silver fell 0.2 percent to 25.90 an ounce, and palladium lost 0.3 percent to $ 2490.16, after hitting a one-year high of $ 2520.31 yesterday, while platinum fell 0.4 percent to $ 1207.56.

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