Hot Commodities: Gold slumps 28% from record high, San Francisco startup claims that it has turned mercury into stable gol

COMEX Gold futures added to recent losses and tested around three-month low today as traders pulled out of the metal amid elevated crude oil prices and worries over long term supply scenario. In a critical update for the metal yesterday, San Francisco startup Marathon Fusion has claimed that it has turned mercury into real, stable gold. While these claims, made in a social media post by the company, do not offer any measurable projections or hint at producing Gold at commercial scale in year to come, a technological advance like this can weigh on the metal, particularly after recent tumble in the prices. COMEX Gold has lost around 28% from its record high and currently trades at $4037 per ounce, down 0.58% on the day. MCX Gold futures also fell in tune with this and trade at Rs 142765 per 10 grams, down 0.42% on the day.

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