COMEX Gold Slides More Than 1%

Published on Mar 29, 2022 14:17

COMEX Gold futures tumbled today as overall undertone remained bearish amid firm action in the US dollar and worries over Indian demand in near term. The metal dropped sharply in last session, extending a slide from one and half week high of around $1970 per ounce and fell further today, approaching near one week low of $1915 per ounce. The counter currently trades down 1.15% at $1917.50 per ounce. The Russia-Ukraine war remains in focus but the Gold market has moved somewhat ahead of the current dynamics and is instead focusing on a possible peace deal between the two nations. Ukraine being able to discuss a neutral stance has ensured that such a deal could be worked out in near term though it might not end the hostilities on an immediate basis. Gold has also been hurt on supportive equities and a sustained spurt in Bitcoin.