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  • End Session Commentary - Detailed News

Weekly Gold Review: COMEX Futures Spike To Six Year High
20-Jul-19   15:01 Hrs IST

COMEX Gold hit a fresh six-year high as dovish comments from Federal Reserve official and increasing tensions in the Middle East boosted the metal. Volatile undertone in equities also pushed up the metal after its recent rebound above $1400 per ounce. New York Fed President John Williams indicated the possibility of an interest-rate cut at the Federal Reserve's policy meeting later this month. Gold jumped near $1450 per ounce. A deep correction in Bitcoin also worked in favor of the metal. Meanwhile, India's Gold imports surged around 16% to Rs 18717 crore over year in June 2019 while Silver imports also jumped nearly 17.25% to Rs 2895 crore. In dollar terms, Gold imports jumped 13% to $2695 million while Silver imports rose 14.50% to $417 million. MCX Gold futures zoomed past Rs 35000 per 10 grams following the massive pullback in global prices and ended around Rs 35030 per 10 grams.

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