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June 24, 2021

GOLD Go Crazy!

 The surge in gold prices in the previous session did not last long after the yellow metal traded lower again following the strengthening of the US dollar.

In the Asian session, spot gold traded at $ 1,775 per ounce, falling lower than the gains recorded during the previous session at $ 1,794 per ounce.

Mixed US manufacturing and services PMI data readings have given early gains for the precious metal to post its highest gain this week.

US manufacturing activity increased in June, supported by production and new orders that continued to increase significantly.

However, at the same time, producers face difficulties in obtaining raw materials and skilled workers, thus driving higher consumer and business prices.

Meanwhile, business activity unexpectedly declined with both service activities and manufacturing output increasing at a lower rate as producers faced difficulties in meeting demand.

Still, Fed policymakers ’statements back pushed gold lower after Atlanta Fed President Raphael Bostic said interest rates should be raised by the end of 2022.