COMEX Gold Hits Two Week High

Published on Dec 08, 2020 18:05

COMEX Gold futures stayed supported today though some profit selling was seen in intraday trades after the metal hit a two week high above $1870 per ounce. The commodity has seen a good reversal after breaking above $1800 per ounce mark as weakness in the US dollar and continued lax US monetary and fiscal policy directives are keeping the undertone supported. Traders are also looking at improving Covid-19 scenario in India. India has achieved a significant milestone in its fight against COVID-19. The new confirmed cases in the last 24 hours have fallen below 27,000 (26,567) for the first time after nearly 5 months. The new cases were 26,506 last on 10th July, 2020. With a high number of COVID patients recovering every day and the sustained fall in the mortality rate, India`s steady trend of registering dipping active cases continues. In another achievement, India`s active caseload has fallen under the 4% mark today. The active cases have drastically declined to 3.83 lakh. This could potentially keep buying supported as spot prices linger around Rs 50K mark. MCX Gold futures are currently trading at Rs 49777 per 10 grams, down 0.34% on the day.