COMEX Gold Hits Two Week High

Published on Jan 21, 2021 12:17

COMEX Gold futures saw an impressive spurt as excellent buying was seen in the metal on rising Covid-19 cases in Europe. Spanish daily new connections hit in excess of 40K- rising to a fresh high and France extended restrictions on restaurants and cafes till the first week of April. Gold also benefited from signs of a pick-up in India`s demand. Prices saw accelerated gains once $1850 mark was broken and the metal spiked around 1.50% to hit two week high near $1870 per ounce. Sustained drop in local Covid-19 cases are coinciding with a drop in retail spot Gold prices which fell well under the key Rs 50K barrier, potentially setting up good offtakes from retail participants.