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U.S. DOLLAR
The precious metal rallied higher at the mid-week trading session as buyers got assurance from the U.S. Federal Reserve.
US Federal Reserve Chief has stated that central bank digital currencies would need to be integrated with other existing payment systems.
It was the first positive week for the yellow metal after three prior weeks of losses that left buyers of the precious metal 8% poorer.
Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value as traditional fiat currencies.
The U.S. Dollar Index inched lower by 0.04% to trade at 90.843 index points.
The bullion asset regained its lustre after a 2.2% drop recorded in the past week,
Gold traders are going long after Biden shrugged off warnings that the economy may overheat as a result of the $1.9 trillion stimulus deal
Gold futures traded $1,826/ounce losing about 0.50% in value amid a social media-driven rally that was in play in the past few days.
The U.S dollar index jumped up by 0.69% to 90.743 on Wednesday, after a 0.2% decline the previous session.
More COVID-19 relief programs pushed the yellow metal’s appeal up as an inflation hedge.
The U.S dollar index gained 0.6% on the day to settle at 90.77.
The U.S. Dollar Index which tracks the greenback against a basket of major currencies inched up 0.05% to 90.4020.