COMEX Gold Lingers Around $1760 Mark

Published on Sep 27, 2021 12:58

COMEX Gold saw volatile moves in last week as the US Federal Reserve revealed that tapering of the central bank`s asset purchases could begin in the near future. The yellow metal jumped near a one week high of $1788 per ounce before witnessing hefty selling. COMEX Gold stayed mostly supported after falling near a six-week low under $1750 per ounce and currently lingers around $1760 per ounce mark. Traders are expecting strong festive season demand in local spot retail markets over coming weeks. The Covid-19 scenario in the country also stayed affirmative for the bullion. Spot Gold in India is hovering around Rs 46000 per 10 grams and latest correction in prices should lead good inquiries from buyers. The overall mood is likely to be volatile for the shiny metal as US Treasury Secretary Yellen and Federal Reserve Chair Powell are scheduled to appear before the US Senate`s Banking Committee this week.