GOLD CONSOLIDATES IN TIGHT RANGE

Published on Aug 23, 2021 11:55

Gold consolidated in a tight range after failing to break above $1800 per ounce with positive US equities capping the upside for the metal. The US stocks ended firmly in positive zone with the tech heavy NASDAQ index soaring more than 1% in last session. However, a 2% drop in the value of leading digital cryptocurrency Bitcoin and some correction in the US dollar index triggered some buying at lower levels for Gold. The metal is also eying unrest in the Indian retail jewellery market where some participants have called for a strike. Jewellers across India are set to go on a strike on 23 August to protest against the hallmarking process mandated by the Bureau of Indian Standards (BIS) that they say has been arbitrarily implemented. The one-day strike is being called by the National Task Force on Hallmarking, formed by 350 associations and federations representing the gems and jewellery industry pan-India.