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Gold Plummets After Breaking Under $1900 Mark

Published on Jun 14, 2021 10:33

Gold fell sharply on Friday, giving up the gains witnessed in the prior session as a sharp upswing in the US dollar weighed on the metal. The US dollar index jumped above the critical 90 mark and hit a one week high above 90.50. The COMEX Gold futures slipped under $1900 per ounce following this and fell around 1% on the day. The commodity currently trades at $1866 per ounce, down 0.75% on the day. These are the lowest levels in last one week for the metal. In a landmark agreement at the G7 summit, global leaders have pledged to share COVID-19 vaccine doses internationally, in support of global equitable access and to help end the acute phase of the pandemic. The G7 countries committed to share at least 870 million doses of COVID-19 vaccines directly, with the aim to deliver at least half by the end of 2021. This weighed on Gold as rapid and wide scaled Covid-19 vaccinations will likely keep the fresh cases under check. The number of daily cases in heavily hit regions are already turning lower.

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