COMEX Gold Sees Sideways Movement

Published on Jun 07, 2021 13:02

COMEX Gold futures edged up on sustained drop in India`s Covid-19 cases last week which supported the yellow metal. The COMEX Gold futures hit a five month high near $1920 per ounce before giving up the gains as good buying equities and a bounce in the US dollar capped the gains. The US dollar also edged up a little after approaching near its three-month low mark and broke above 90 mark, pulling COMEX Gold sharply lower. Gold tanked to a two-week low near $1870 per ounce. Buying emerged at the lower level for the metal yet again. India recorded 1.20 lakh fresh daily Covid-19 cases on 4th June, marking its lowest in almost two months. This sustained fall in cases and unlocking of economic and business activities in a number of states can push up the retail demand for Gold now. However, with the latest surge taking prices around Rs 49000 per 10 grams mark, overall sentiments will be cautious.