Gold Gains, COMEX Futures Above $1800 Per Ounce

Published on Feb 23, 2021 12:59

COMEX Gold futures added very good gains in last session as bargain buying lifted the sentiments up. The US dollar index turned lower ahead of comments from the US Fed Chairman Jerome Powell, breaking under the critical 90 mark to test around six week low. This made COMEX Gold extend upmove from around seven month low and the metal broke convincingly above $1800 per ounce, adding around 1.75%. It currently trades at $1810 per ounce, up 0.14% on the day. Meanwhile, the US Fed Chair Jerome Powell will appear before the Senate Banking Committee on Tuesday for Semiannual Monetary Policy Report to the Congress. The next day, he will deliver his report to the House Financial Services Committee. Gold also benefitted from a flash crash in Bitcoin as the leading digital currency lost more than 10%.