Supported by America's adherence to an accommodative monetary policy for economic recovery

Gold is heading globally for the fourth weekly gain

Gold is expected to stay above $1800 in the near term.

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Gold prices fell yesterday, but remained on track to achieve gains for the fourth consecutive week, supported by the US Federal Reserve's assertion to adhere to the accommodative monetary policy of economic recovery.

Spot gold fell 0.3% to $1,823.66 an ounce, after hitting $1,833.65 last Thursday, the highest level since June 16.

The metal rose 0.8% last week.

US gold futures fell 0.2% to $1,825.4.

"There has been a steady decline in bond yields, despite rising inflation," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai.

It is an indication that the global economy may have seen the best and will slow down in the future, which is why gold looks attractive to us.”

"I don't expect gold to drop below $1,800 in the near term, and it has the potential to touch $1,900," he added.

And what raised the cost of gold for holders of other currencies, the dollar headed for its best weekly gains in nearly a month.

For other precious metals, palladium rose 0.2% to $ 2735.66 an ounce, but it is heading for its first weekly decline in four weeks.

Platinum fell 0.6% to $1,1131.5 an ounce, but rose 2.6% during the week.

Silver fell 0.6% to $26.18 an ounce.

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