COMMODITY
Gold futures settle sharply lower on Thursday
Jun-18-2021
Gold futures settled sharply lower on Thursday logging the weakest rate since April 30, dulled by a firmer US Currency followed by US Federal Reserve’s decision to raise interest rate sooner than expected. Dollar rose near a two month high rate making the yellow metal expensive for other currency holders. Additionally the gold also got weaker after the US Treasury yields rose increasing the opportunity cost of holding non-yielding bullion. Gold for the most active contract marks sharpest dip in a year.
 
Gold futures for August slipped 4.7% or $86.60 at $1774.80 an ounce on the Comex division of the New York Mercantile. While, spot gold fell 2% to $1,776.10 per ounce.

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