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Gold prepares to show its first weekly gain in 4 weeks

Gold rises in price on Friday after the precious metal reached its highest level since November 20, closing the Thursday session, when its price reached $1,842.30 per troy ounce.

Analysts expect that by the end of this week, the price of gold will show growth for the first time in the last 4 weeks. The growth in prices for the precious metal is facilitated by the weakening of the US dollar, the rate of which against world currencies fell on Friday to its lowest levels since spring 2018.

Gold is supported by demand, which traditionally increases in the pre-Christmas and New Year days. Significant for the rise in the price of gold is the news of lower supplies of doses of coronavirus vaccines due to logistical problems.

Until the end of the year, instead of the planned 100 million doses, only 50 will be delivered. On Friday, gold rose in price by 0.15% — to $1,843.85 per ounce. Silver rose 0.19% to $24.183.

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