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Gold under stress as two week highs fail to sustain

Published on Jun 05, 2023 11:22

Gold slipped last week as highs around $2000 per ounce mark failed to sustain amid a strong bounce in the US equities after US Congress approved a deal to increase the country`s borrowing limit. Gold melted nearly 2% in a single session and approached near $1960 per ounce mark. The commodity had edged up near a two week high as traders eyed possibility of weak Gold mining output from leading producers. The South African Reserve Bank forecasts GDP growth of merely 0.3% in 2023, with load-shedding expected to detract two percentage points from overall growth this year in the country. This is bound to impact the Gold supplies from one of the top Gold producing countries. Market also focused on the output in Australia which has taken a hit recently on heavy cyclonic rain. This and the broad worries regarding US debt deal had pushed up the metal impressively from a two and half month low under $1940 per ounce mark earlier in the week.

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