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Gold extends fall, ignores the Swiss vote

FXStreet (Mumbai) - Gold has slipped to four year low today along with a slide in the holdings in the exchange traded funds backed by Gold. The metal has weakened as markets continue to ignore the Swiss vote.

The Gold prices are trading at USD 1163/Oz levels, down 3% for the day, The weakness has been extended ahead of the US opening, as markets expect a strong performance of the US equities.

Moreover, the Gold prices continue to slide as the swiss population goes for a vote on the “save out swiss gold initiative”, a proposal which, if passed, would require the Swiss National Bank (SNB) to hold hold a fifth of its nearly $550 billion assets in Gold. The poll will held on Nov 30th. Moreover, a yes vote would require the SNB to buy 1500 tons of gold over a period of five years. Furthermore, the bank would be banned from selling Gold in future, which makes the purchases permanent.

However, the markets are currently ignoring the Swiss vote, as Gold continues to fall on a strong US Dollar.

Gold Technical levels

Gold has an immediate support at 1158 levels, while the immediate resistance is located at 1183 levels.

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