COMEX Gold Off One Week Low

Published on Jul 20, 2021 13:39

COMEX Gold futures fell in last session as commodities endured heavy losses following a spike in US dollar. A number of European countries, including France, the Netherlands, Greece and Spain, announced new restrictions last week in a bid to curb a rise in Covid-19 infections, largely due to the highly contagious delta variant of the coronavirus. This boosted the US dollar index as it approached close to 93 levels, its best level since early April maintaining its recent strong tone as rising Covid-19 cases threaten to derail the global economic recovery, prompting a flight to safety. This flight to safety also capped losses in Gold as COMEX Gold edged up from a one week low just under $1800 per ounce. COMEX Gold futures are currently trading at $1813 per ounce, up 0.23% on the day.