Gold prices are rising with the boost in demand

Gold prices rose today, Wednesday, supported by the decline in the dollar, but the gains were limited after US Treasury Secretary Janet Yellen said that interest rates may need to increase.

Spot gold rose 0.2 percent to $ 1781.13 an ounce, and US gold futures rose 0.3 percent to $ 1781.50.

"Gold prices were supported by the fall of the dollar on a larger scale after the strong selling wave last night," said Kyle Roda, an analyst at IG Markets.

"There will be a logical strong resistance area between $ 1,800 and $ 1,810, and if prices do reach this level, you may find some buyers on the other side of that."

The dollar index fell 0.1 percent against other major currencies, after rising to a peak of nearly two weeks in the previous session.

As for other precious metals, palladium rose 0.6 percent to $ 3000.46 an ounce, after hitting an all-time high of $ 3017.18 in the previous session, supported by fears of a lack of supplies for the metal.

Silver settled at $ 26.52, while platinum fell 0.1 percent to $ 1236.04, extending away from the more than two-month high it touched yesterday.

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