COMEX Gold Stays Slippery

Published on Mar 14, 2022 14:26

COMEX Gold futures pulled back in Asia, sliding well under $2000 per ounce mark as markets remained cautious amid continued escalation in the Russia-Ukraine war. The crude oil prices slipped and Gold continued to retreat from last week`s record high in volatile trades. The precious metals is trying to assess the physical demand supply dynamics after the recent spurt in prices. While the war clods are refusing to turn away, there is a possibility of the yellow metal witnessing a sedate movement after failing to hold above the critical $2000 mark. The Indian spot retail prices, which zoomed near Rs 55000 per 10 grams last week before moderating, are still at a highly elevated level compared to around a month ago and spot buying will take a hit following this. COMEX Gold is currently trading down 0.28% at $1980 per ounce. Gold is also likely to take cues from the US Fed monetary policy meeting this week. The prospect of tighter monetary policy by the Fed to curb inflationary pressures will likely keep the metal under check.