Gold hits four-week high as dollar weakens

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Gold rose to its highest in four weeks on Thursday as the U.S. dollar retreated from a 14-year peak touched earlier this week. 

  FUNDAMENTALS 

 *Spot gold was up 0.4%  at $1,167.98 an ounce by 0032 GMT. It earlier hit its highest since Dec. 9 at $1,169.52. 

 

 *U.S. gold futures climbed 0.3 % to $1,168.70 per ounce. 

 

*The dollar index, which measures the greenback against a basket of currencies, fell 0.5 % to 102.170. 

 

*Almost all Federal Reserve policymakers thought the U.S. economy could grow more quickly because of fiscal stimulus under the Trump administration and many were eyeing faster interest rate increases, minutes from the central bank's December meeting showed. 

 

*Gold imports to Turkey rose to 36.7 tonnes in December, up from 4.65 tonnes in the same period a year earlier, their highest monthly level in just over two years, data from the Istanbul bourse showed on Wednesday. 

 

*Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, have dropped about 14 percent since the U.S. presidential election in November. They were unchanged on Wednesday at 813.87 tonnes.

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