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July, 06 - Gold reversed an early dip

Gold edged higher during the early European session

gold06072020and was last seen trading near the top end of its daily trading range, around the $1776-78 region.

The emergence of some fresh US dollar selling assisted the dollar-denominated commodity to reverse an early dip to the $1770 area on the first day of a new trading week. This coupled with concerns about the continuous surge in coronavirus cases further extended some support to the safe-haven precious metal. Despite growing market worries, the global risk sentiment remained well supported by growing optimism over a sharp V-shaped global economic recovery.

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