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Gold Off Six Month High But Stays Well Supported

Published on Dec 01, 2023 14:38

COMEX Gold futures pulled back a bit from its six month high but stayed well supported as market participants continued to focus on the possibility of the US monetary policy regime turning soft in coming months. New York Fed Bank President John Williams said on Thursday, noting that improvements in supply chains are easing price pressures and the US may be at the peak level of the target range of the federal funds rate. The COMEX Gold futures are currently quoting up 0.30% at $2060 per ounce amid these remarks as the US dollar index stayed tepid around 103.30 mark. MCX Gold futures are trading at Rs 62511 per 10 grams, up 0.27% on the day in a sideways session. The counter saw a sharp slide of 36.50% in open interest yesterday.

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