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Gold traded to a low at just over $1160 per ounce in mid-August when the dollar index rose to a new high and after the US Fed added another 25 basis point rate hike to its agenda for 2018. At the low, the yellow metal traded to its lowest price since early 2017.
Gold made a significant bottom last August, and the price rose steadily throughout 2018 and into 2019 reaching a high at $1344 on the continuous futures contract in mid-February. Even though the dollar index made a higher high in December, the price