COMEX Gold Stays Slippery

Published on Feb 12, 2021 12:32

Gold continued to stay slippery after hitting a one week high and saw a substantial correction in the US trades, falling around 1% to approach $1820 per ounce mark. US stocks hit another record high and the Dollar index stabilized around one week low, capping major buying in the yellow metal. The real onslaught on the commodity was triggered by another spurt in Bitcoin as the leading digital currency rallied to another all-time high above $48000 mark. Last few days price action in Gold is reflecting that unless a frantic surge is seen in safe haven demand, the overall movement in the yellow metal is likely to be sideways.