Gold Holds Steady, Firm US Dollar Cap Gains

Published on Jul 05, 2021 14:36

COMEX Gold tanked near a two and half month low near $1750 per ounce following a sharp surge in the US dollar before witnessing some bargain buying last week. Gold witnessed some buying support as the US 10-year bond yields continued to stay slippery ahead of the release of the US nonfarm payrolls. However, the gains in the commodity were capped amid record high US equities. COMEX Gold futures ended just under $1790 per ounce. Local Gold markets tracked cues from the Indian rupee as the domestic currency fell against the dollar tracking fresh gains in the dollar index overseas. The American currency hit a fresh three-month high versus other major currencies. The Rupee tested a two-month low of 74.88 per US dollar.