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Gold Eerily Quiet Despite Volatile Markets

Gold prices inched higher Thursday, paring recent losses as U.S. stocks continued to fall.

Gold enjoyed a modest boost from its safe haven appeal. Still, gold has not generated much buying interest this week due to speculation that interest rates will rise.

April gold climbed $4.40, or 0.3%, to settle at $1,319/oz. On Wall Street, the DJIA plunged 625 points around mid-day before stabilizing.

Another Federal Reserve member today said the recent correction in U.S. stocks will have little impact on the broader economy, a sign that they still plan to raise interest rates at least three times in 2018.

"More volatility in the markets, and maybe addressing some of the excesses and imbalances in the markets, by having a little more volatility, may be a healthy thing," Federal Reserve Bank of Dallas President Robert Kaplan said in an interview with Bloomberg Television.

Elsewhere, the Bank of England decided to stand pat on rates this morning, but hinted at somewhat earlier- and deeper-than-expected rate hikes.

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