Firmer dollar hits NY gold but rate cut helps outlook


NEW YORK, June 26 (Reuters) - A relief rally in the dollar after the Federal Reserve's skimpy interest rate cut knocked COMEX gold to a 7-week low early Thursday, but the lowest U.S. rates in 45 years were seen as positive for bullion in the long run. Technicals drove the selling, with funds surrendering their long positions as the move up in the dollar against the euro made gold more expensive for European investors. "I think the market is near the bottom here. I think we have the ...

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