Gold tanks around 1% following last week's hefty gains

COMEX Gold futures fell sharply today as profit booking emerged following recent gains. The metal jumped more than five percent to $3360 per ounce in last week. A sharp spurt on Friday led this spurt above $3300 per ounce amid sustained weakness in the US dollar and worries over global geopolitical uncertainty as Russia scaled up it's attack on Ukraine over weekend. However, the US President Donald Trump highlighted that talks between the US and Iran about nuclear deal could show some progress. Gold tanked following this and is currently down 1% at $3330 per ounce.

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