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Gold Supported Around $1800 Per Ounce

Published on Nov 26, 2020 11:47

COMEX Gold futures yet again fell near four and half month low under $1800 per ounce before edging up a little. Traders eyed firm movement in the Crude oil prices and a continued lax outlook on the US monetary front. The minutes of the latest US Federal Reserve Monetary Policy meeting were announced yesterday. Participants noted that the COVID-19 pandemic was causing tremendous human and economic hardship across the United States and around the world. Economic activity and employment had continued to recover but remained well below their levels at the beginning of the year. In their discussion regarding the role of the Committee`s asset purchases, participants noted that these purchases have supported and sustained smooth market functioning and helped foster accommodative financial conditions. COMEX Gold futures are invariably linked to this easy US monetary policy dynamic and saw some buying after the Fed policy minutes. Weak US dollar also capped losses for the metal and COMEX Gold currently trades at $1809 per ounce, up 0.19% on the day.

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