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Gold Falls To Two Month Low Under $1800 Per Ounce

Published on Feb 05, 2021 12:03

Gold tumbled in last session, falling to a two month low as a drop under $1800 per ounce triggered plenty of panic selling in the yellow metal. Strong US economic cues hurt the mood and the commodity lost more than 2% as equities remained firm in US. Not much of buying is emerging in the commodity as the recent import duty cut in India has capped upside in the metal. Global equities are witnessing mixed movement and there is a sense that the Covid-19 infections in the US have peaked out. Vaccination drives also continue to be rolled out swiftly. The US dollar index also consolidated above 91 mark, keeping overall mood under check for the commodity. COMEX Gold futures are currently trading at $1795 per ounce, up marginally on the day after losing around 2% in last session.

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