Gold tumbled to a three-month low just above $1,600 per ounce last week and has been stuck in a range between $1,600 and $1,800 for seven months.
Last week's wobble was due to the minutes of the Federal Reserve's latest meeting, signalling no further money printing. Meanwhile, gold jewellers in India, the biggest jewellery market, closed in protest against an increase in the government's import tariff, which could dent demand.
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