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Gold hits highest in one and half months

Published on Jul 19, 2023 14:22

The COMEX Gold futures are stabilizing above $1980 per ounce mark as the sustained losses in the US Dollar in recent days and good buying support from funds is keeping the metal elevated. The US dollar index fell to a fresh 15 month low yesterday and treasury yields also dropped, pushing up the COMEX Gold futures by more than 1%. The commodity is currently trading at $1982 per ounce, almost unchanged on the day and hovering at highest level in one and half months. MCX Gold futures are trading at Rs 59842 per 10 grams, up 0.13% on the day after nearing Rs 59K in intraday moves. The counter added 1% yesterday and recorded a 4.6% rise in open interest too. With equities hitting fresh record highs every day in India, the investment demand for Gold could moderate in near term as spot prices approach the critical Rs 60000 per 10 grams barrier.

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