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Gold stays lax on firm US dollar

Published on Jul 12, 2022 12:33

Gold prices stay mostly unchanged as gains for the safe haven commodity amid recession worries are seen offset by a soaring US dollar overseas. The yellow metal is also looking ahead to the release of reports on US consumer and producer price inflation, retail sales and industrial production later this week for further clarity. Gold futures for August are close to the flat line, down marginally by 0.04% at $1,731 an ounce. Equities stay lower on weak overnight cues from Wall Street. European stock markets also dropped Monday with the pan-European Stoxx 600 index snapping a 3-day bounce as Nord Stream 1, the biggest single pipeline carrying Russian gas to Germany, shut for almost 2 weeks for annual maintenance.

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