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Gold Prices Rise Ahead of Fed Meeting While British Business Confidence Falls 'Through the Floor' af
GOLD PRICES rose on Monday morning in London as Asian and European stocks fell and the US Dollar dropped ahead of the Fed policy meeting this week, writes Steffen Grosshauser at BullionVault.
Asian and European stocks were dragged down as a sell-off in US technology shares spread. The pan-European Euro Stoxx 50 was down 1% with the European tech sector heading for its worst decline since October 2016.
The US Dollar Index fell against a basket of other major currencies on Monday morning following its rise to a 9-day high of 97.50 on Friday. The British Pound, meanwhile, continued its fall while British Prime Minister Theresa May tries to remain in power by striking a deal with Northern Ireland’s Democratic Unionist Party. When the unexpected election results were published last Friday, Sterling crashed by as much as 2.5% - its biggest drop in eight months.
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