Gold nears two week top as US dollar softens marginally

Published on Oct 13, 2023 14:23

COMEX Gold futures have recouped the heavy losses seen in last session today and edged up near $1900 per ounce mark. The yellow metal is currently quoting at $1896 per ounce, up 0.70% on the day- hovering around two week high. The US dollar index has eased a bit after a sharp spurt in last session and hopes of a continued uptick in retail demand globally in last quarter of the year is keeping Gold supported. The broad picture in terms of price trajectory also limits losses for the metal as it had slipped to lowest since March 2023 in last week. Continued escalation in global geopolitical worries following the Hamas attack on Israel and following retaliation is bringing the safe haven aspect of the metal in the play.