| China’s surprise rate cut helped the yellow metal breach the $1,200 mark. Gold prices rallied last week and closed higher for the third consecutive week. The surprise rate cut announcement from China helped the yellow metal breach the psychological $1,200 per ounce mark last week.
All through the week, spot gold prices were range-bound between $1,175 and $1,205. China’s rate cut boosted sentiment and pushed gold prices as high as $1,207 before closing at $1,201.55, up 1.1 per cent for the week.......................................Full Article: Source
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