India's Elections Add Shine to Physical Gold Prices
Elections in India offered favorable outlook for the physical gold market as the incoming ruling party may reduce tariffs levied last year that hurt prices. RJO Futures senior market strategist Phil Streible tells TheStreet's Joe Deaux that the new election may help boost prices as the country backs off its taxing of the yellow metal, which is a popular asset for India's citizens. Offsetting that positive news was the latest commitment of traders report that found institutions ratcheted up their short positions on gold during last week. Gold climbed above $1,300 on Monday.
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