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* All precious metals near two-month highs * Supply concerns likely driving autocatalysts' rally- Commerzbank * U.S. weekly jobless claims rose to 286,000 * FOMC scheduled to meet on By Spot gold rose 0.3% to Silver rose 1.6% to The primary factor driving gold is inflation, which is
boosting the metal's appeal as a hedge against rising prices,
said "The market looks like it wants to continue to move higher, and it's just this self fulfilling loop with more and more data coming out and showing that inflation is not transitory." Data on Thursday showed the number of Americans filing new claims for unemployment benefits rose to 286,000 last week. Reflecting investor sentiment, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, jumped to the highest level since mid-December. Growing geopolitical instability, notably Platinum rose 2.8% to The rally could have been related to supply concerns due to
the Potential Western sanctions on
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