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Gold surges to fresh 7-week highs near $ 1168

FXStreet (Mumbai) - The yellow metal soars to the highest levels since August 24 in the mid-European session, as the persisting USD weakness coupled with falling European indices boost gold’s appeal as a safe-haven asset.

Gold holds above 200-DMA

Currently, gold trades 0.94% at 1166.50, slightly retracing from fresh seven-week highs recorded at 1167.80 in last hours. Gold traders remain boosted amid expectations of a Fed rate-hike not until early 2016, thus lifting the demand for the non-interest bearing gold.

Markets continue to digest the mixed Fed speaks while a minor-correction seen in the European stocks also drove the bullion higher.

Later in the day, the bullion is likely to get influenced by a slew of Fed officials’ speeches - namely Dennis Lockhart, Charles Evans and Lael Brainard in an otherwise data-empty US calendar.

Gold Technical Levels

The metal has an immediate resistance at 1169 (Aug 24 High) and 1175 levels. Meanwhile, support stands at 1162.21 (200-DMA) levels below which doors could open for 1155.43 (daily Pivot) levels.

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