Firm Dollar Drags COMEX Gold Near $1800 Mark

Published on Nov 23, 2021 11:59

COMEX Gold futures tanked sharply yesterday, shedding more than 2% and approaching near $1800 per ounce mark as the US equities rose and firm US dollar capped the metal. The US dollar index gained further after the US President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the central bank for a second term. This triggered expectations that the US central will taper its stimulus soon and took a heavy toll on Gold. The overall mood remained lax for Gold following a choppy trading pattern in last few days. The S&P 500 and Nasdaq Composite retreated from all-time highs and supported the risk sentiment last night. However, Asian equities are mostly trading lower and the Bitcoin futures are holding well under $60000 mark in Asia. This could offer some solace for the yellow metal after the plunge in last session.