COMEX GOLD DIPS AFTER 3.5% SPIKE IN LAST SESSION

Published on Oct 16, 2023 14:23

COMEX Gold futures have slipped today after a mega rally in last session. The yellow metal surged sharply by around 3.50% on Friday amid safe haven appeal as rising worries about global economic outlook due to higher borrowing costs and the impact of the Israel-Hamas war weighed on sentiments. The commodity jumped in tune with the US dollar index as a continued wave of recovery from March 2023 lows extended for the metal. A break above $1900 per ounce mark also worked well for the commodity as prices moved up to a three week high. However, some moderation emerged in the counter today after the frenzied upmove in last session and the counter currently quotes at $1924 per ounce, down 0.86% on the day.