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Gold Tilts Slightly Lower In Asia

Published on Jan 27, 2021 12:28

COMEX Gold futures saw a tight rangebound movement yesterday as improving global economic outlook capped the upside movement. The weak US dollar and sustained drop in the US Covid-19 cases on a daily basis is keeping the overall scenario mixed for yellow metal after it came off a two week high. The metal currently trades down 0.30% at $1845 per ounce. The World Gold Council (WGC), stated in a latest update that 2020 has been a memorable year for China`s economy and its gold market. The Shanghai Gold Benchmark Price PM had a strong year, yet it remained at a wide discount to the LBMA Gold Price AM when measured in the same currency. China`s wholesale gold demand was weaker than 2019 despite improvements after Q1 amid the significant reduction in the spread of the COVID-19 pandemic and its economic recovery. China`s gold ETF market kept expanding, attracting an inflow of 16t in the year.

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