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Gold sees biggest one-day price drop in seven years

SAMAA | - Posted: Aug 12, 2020 | Last Updated: 2 months ago
Posted: Aug 12, 2020 | Last Updated: 2 months ago

Gold’s per ounce price fell $129 in the international market on Tuesday, marking the biggest one-day decline in seven years for the precious metal. Gold price touched a new high of $2,063 on August 6 but has been moving down. An announcement made by Russian President Vladimir Putin that Russia has developed an effective coronavirus vaccine has significantly effected gold’s price, which even took a dip to $1,867 on Wednesday as gold apparently lost the ‘safe haven’ appeal for investors. However, it soon recovered within a few hours and even reached $1,937 on a volatile trading day for the yellow metal.

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