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2024.02.0718:00:00UTC+00Gold Futures Settle Slightly Higher

Gold futures settled higher on Wednesday, gaining for a second straight session, as the dollar remained subdued with investors looking for more clarity about the Federal Reserve's interest-rate trajectory.

The dollar index dropped to 103.94 in early New York session, and remains weak, giving up about 0.13% at 104.08.

Gold futures for April ended higher by $0.30 at $2,051.70 an ounce.

Silver futures for March ended down $0.118 at $22.360 an ounce, while Copper futures for March settled lower by $0.0455 at $3.7355 per pound.

Recent strong economic data and hawkish comments from Fed officials have dashed hopes about an early interest rate cut by the Federal Reserve.

CME Group's FedWatch Tool suggests the chances of March rate cut are just 20.5%.

However, investors appear to be looking for more clarity on when the central bank will likely start cutting interest rates.

The yellow metal has edged up on increased safe-haven appeal amid rising geopolitical tensions.

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