COMEX Gold futures dropped sharply, failing to hold on above $1820 per ounce as the US Federal Reserve Chair Jerome Powell that controlling inflation would demand rate rises in coming months. Powell said following that increase that similar 50 basis point moves were likely to come at ensuing meetings so long as economic conditions remained similar to where they are now. COMEX Gold was hit following this and currently trades down 0.64% at $1808 per ounce. MCX Gold also lost nearly Rs 400 per 10 grams in intraday moves and closed around Rs 50180 mark.Powered by Commodity Insights
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