AHMEDABAD (Commodity Online): Spot Gold prices dropped nearly 2 percent on Monday, after Japan's intervention in the currency market triggered a spike in the dollar.
Japan intervened unilaterally in the foreign exchange market to curb the yen's strength, sending the US Dollar up more than 1 percent against a basket of currencies.
Spot Gold is likely to trade in range of 1680-1760 USD in coming week. Support for Spot Gold seen at 1680 USD and resistance looks at 1740 USD, maintained Amrita Mashar, analyst with Commodity Online.
The huge spike in the US Dollar is pressuring Gold and Silver prices. But so long as Gold stays supportive 1,700 USD per ounce, the sentiment will remain pretty optimistic.
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