India, June 18 -- Reversing yesterday's gains, gold prices have plunged on Thursday as indications from the U.S. Federal Reserve of higher interest rates for a few more months diminished the appeal of the precious metal. However, the reopening of the Strait of Hormuz following the U.S.-Iran deal signing and the eventual slump in crude oil prices limited the decline.
Front Month Comex Gold for August month delivery has plummeted by $132.60 (or 3.03%) to $4,248.80 per troy ounce.
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