Gold bears take control as prices sink below key levels
Mumbai, June 10 -- Gold prices extended their sharp correction on Wednesday, with international futures slipping below $4,200 an ounce and MCX gold falling under Rs.1.5 lakh per 10 grams. Despite renewed geopolitical tensions, investors continued to book profits after the strong rally seen earlier this year. In India, sentiment weakened further as Gold ETFs recorded a net outflow of about Rs.725 crore in May, according to AMFI data, ending a 12-month streak of inflows. The reversal from April's Rs.3,040 crore inflow suggests many investors chose to lock in gains as domestic gold prices remained elevated. Market participants also pointed to policy-related factors: Prime Minister Narendra Modi had earlier appealed to people to avoid buying go...
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