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Gold Sees Weak Action After Breaking Under $1800 Per Ounce

Published on Sep 13, 2021 11:46

COMEX Gold tanked in last session as a bounce in the US dollar index from one month low and worries over some parts of India entering into the third wave of Covid-19 pandemic hurt the metal hard. Gold slipped, extending losses after falling under $1800 per ounce. Fresh curbs in activities in a key state like Maharashtra could hurt the Indian retail Gold demand. COMEX Gold futures had soared earlier in last week following a moderation in the US job growth. The US non-farm payroll employment rose by 235,000 jobs in August after soaring by an upwardly revised 1.053 million jobs in July. Gold spiked to a one month high of $1836 per ounce after this data. However, the latest slide in the metal has been weighing on the commodity as the counter ended around $1790 per ounce after testing two week low.

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