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Gold Futures Post Highest Close Since 2016 in Heavy Trading

  • Volume on biggest exchange more than double daily average
  • Metal for immediate delivery rises above $1,360 an ounce
A worker lifts a gold bullion bar from a conveyor machine at the Rand Refinery Ltd. plant in Germiston, South Africa, on Wednesday, Aug. 16. 2017. Established by the Chamber of Mines of South Africa in 1920, Rand Refinery is the largest integrated single-site precious metals refining and smelting complex in the world, according to their website.
Photographer: Waldo Swiegers/Bloomberg
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Gold futures settled at the highest since August 2016, as investors got behind a rally brought on by a falling dollar. Volume soared in the futures market, with trading more than double the daily average.

Gold for April delivery climbed 1.5 percent to settle at $1,361.40 an ounce at 1:37 p.m. on the Comex in New York. Holdings in exchange-traded funds backed by the metal climbed to the highest since May 2013 and the dollar dropped to the lowest against trading partners since 2014.