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Gold Falls Back Near $1750 Mark

Published on Oct 05, 2021 17:24

Gold lost out today after a spirited run in last session. A massive jump in crude oil prices triggered good buying in the yellow metal on Monday as it hit one and half week high of $1771 per ounce. However, a mild uptick in the US dollar and profit selling pressure on rallies pulled Gold lower and the metal currently trades down 0.74% at $1754 per ounce. COMEX Gold pared intraday gains amid a sharp upswing in the Bitcoin values. The leading cryptocurrency hit a one month high today, breaking above $50000 mark and currently quotes up 5% at $50100 mark. This weighed on Gold even as markets eyed a recovery in Indian retail demand during approaching festive season.

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