Gold drops after the Fed's big surprise
Gold Price: $1,789.63. News: 7th worst drop for gold prices in history after the US Fed suggests early interest rate rise, mandatory gold hallmarking in India, UAE gold smuggling, and more gold news.
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Gold Price (USD/OZ)
18 June 2021: $1,789.63 [View live gold price.]
Change from last week: -$110.72 (-5.83%)
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“Gold prices sank below $1800 per ounce in London on Thursday, extending its 7th worst-ever trading day after the US Federal Reserve spooked the bond, equity and commodity markets by signalling an earlier rise in interest rates than previously forecast, leading in turn to expectations that its QE bond-buying will start to 'taper' sooner than later.”
“One analyst says the selloff may have already gone too far.”
“Europe will implement Basel III regulations by the end of June, among other things, making physical gold a 0% risk asset, but not unallocated paper gold.”
“A scheme for mandatory hallmarking of gold jewellery and artefacts has been launched from Wednesday in a phased manner. Here is how it will impact individuals who own gold jewellery and artefacts without a hallmark.”
“Tanzania launched a new gold refinery as its central bank plans to start buying the metal to diversify its reserves.”
“The UAE is a key hub for gold trading linked to money laundering, organized crime and terrorist financing. The authorities have promised to clean up their act, but a court case in India suggests there is still a long way to go.”
“Cambodia will soon join the roster of gold producing countries after the government announced the commencement of commercial gold mining operations in the Okvau area in southwestern Mondulkiri province's Keo Seima district from June 21.”
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