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Gold Hits Two Month High On Heavy Risk Aversion

Published on Jan 20, 2022 16:24

COMEX Gold futures saw a sharp surge in last session as excellent buying emerged in the metal amid stressed equities. The commodity benefitted from safe-haven buying amid spiking global inflation and geopolitical tensions are also boosting the sentiments. Overall positioning remained bullish ahead of the US Federal Reserve meeting next week. The commodity surged around 2% in intraday moves and hit a two month high above $1840 per ounce. Broad worries over US Covid-19 scenario stay in place. The US Covid-19 cases and deaths at US nursing homes are rising to a new peak amid the Omicron surge across the country, according to latest data by the Centers for Disease Control and Prevention (CDC).

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