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Gold cracks lower by 1% on Wednesday

Published on Jun 08, 2023 12:41

Gold is attempting to hold above $1960 levels on Thursday although the counter is seen steadying near lower levels hit in the previous session, as firm dollar ahead of Federal June FOMC continues to cap gains in the counter. Currently the dollar index that measures the greenback against a basket of currencies is quoting at 103.97, off recent highs, benefiting the yellow metal. However, higher US 10 year benchmark yields past 3.79% level, close to a two month high, is pointing to possibility of a further rate hike and dragging the dollar, reducing appeal for the precious metal. COMEX gold is quoting at $1960.60 an ounce, up 0.11% on the day. Gold tumbled nearly 1% yesterday.

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