Gold Hovers Just Under $1900 Per Ounce

Published on Jun 02, 2021 12:41

COMEX Gold futures broke well above $1900 per ounce mark as a slide in the US dollar and sustained drop in India`s Covid-19 cases supported the yellow metal. India reported lowest daily new cases of 1.27 lakh in 54 days as declining trend in new cases was maintained. The active cases are below 20 lakhs after 43 days. The COMEX Gold futures hit a five month high near $1920 per ounce before giving up the gains as excellent buying in European equities and firm undertone in the US stocks capped the appetite for the metal. The COMEX Gold futures are trading down 0.30% at $1898 per ounce right now. The US dollar also edged up a little after approaching near its three month low mark though it stayed under the critical 90 level.