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Gold Flips Back Under $1780 Mark, Overall Undertone Stays Volatile

Published on Jun 25, 2021 12:49

Gold flipped back amid volatile trades in last session as high near $1790 per ounce continued to offer heavy resistance to the metal. The US stocks saw firm moves too. The Nasdaq and the S&P 500 hit new record intraday highs. This weighed on the metal and COMEX Gold slipped under $1780 per ounce. Meanwhile, the Reserve Bank Of India on Wednesday asked banks to provide an option to jewellery exporters and domestic manufacturers of gold jewellery to repay a part of Gold Metal Loans (GML) in physical gold. The banks authorised to import gold and designated banks participating in Gold Monetisation Scheme, 2015 (GMS) can extend GML to jewellery exporters or domestic manufacturers of gold jewellery.

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