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Gold price today: Yellow metal rallies over 1% on geopolitical concerns

'Buy on dips' strategy still works in Gold till the time prices are trading above $1532 per Troy ounce in the international market, and 39,330 in the domestic market.

January 03, 2020 / 05:29 PM IST

India Gold February futures rallied over 1 percent on January 3 as tensions flare in the Middle East. Spot gold hit its highest since September 5 at $1,540.48.

Gold prices climbed to a four-month high on Friday as tensions mounted in the Middle East after a senior Iranian military official was killed in a US airstrike, while a weaker dollar also provided some support to the metal, said a Reuters report.

For the week, spot gold has gained 1.9%, heading for a fourth consecutive weekly increase. Gold is considered to be a safe investment at the time of political and economic uncertainties.

Supporting the metal further, the dollar index was down for the second consecutive week against a basket of rivals, making gold cheaper for holders of other currencies, added the Reuters report.