Gold Holds In Tight Range

Published on Apr 27, 2021 12:50

COMEX Gold futures are trading in a tight range. Continued worries on the global Covid-19 scenario are keeping a lid on the retail demand though weakness in US dollar and sustained buying support coming as a safe haven asset are limiting the downside for the metal after it tested a seven-week high near $1800 per ounce. COMEX Gold futures are currently quoting at $1781 per ounce, almost unchanged on the day. With daily Covid-19 cases in India spiking above 3.5 lakh mark and fears of extended lockdowns in various parts of the country, the retail demand scenario for bullion market in India remains bleak. The spot prices of Gold had edged up above Rs 48000 per 10 grams mark, taking off bargain buying interest which had supported the physical buying a few days back when prices had tumbled near a 10 month low of Rs 44K.