COMEX Gold Sees Volatile Action

Published on Dec 22, 2020 12:24

COMEX Gold futures stayed supported in volatile trades yesterday. Global markets saw a panic correction as fresh Covid-19 worries hurt the sentiments. The UK said it had identified a new strain of Covid-19 which spreads more quickly than previous variants. Following that announcement, other nations said they would be temporarily restricting travel from the UK in efforts to prevent the new strain from entering their borders. Equities endured a steep drop in Europe though US stocks saw good recovery. Gold initially benefited from this risk aversion, hitting around five week high above $1900 per ounce. However, the metal tanked, giving up nearly $50 per ounce in a span of a few hours before pulling back from around $1860 per ounce. The commodity currently trades at $1874 per ounce, down 0.42% on the day.