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Gold Sees Some Buying Around One Week Low

Published on May 14, 2021 11:56

Gold witnessed steady moves as some buying emerged in the commodity after the massive tumble in prices on Wednesday. The COMEX Gold futures had crashed to a one week low after the US retail inflation soared and led to massive jump in the US dollar. The commodity steadied yesterday moved up modestly. COMEX Gold futures currently trade at $1821 per ounce, down 0.12% on the day. Overall situation remained stressed on retail demand front in India but upbeat economic outlook in other major consuming nations like the US and China augured well for the metal. A sharp slide in leading global cryptocurrency Bitcoin on Wednesday also supported Gold. Bitcoin had tanked 13% in a single session, extending drop from a lifetime high of around $65000.

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