Gold Off Seven Week High, Indian Demand In Focus

Published on Apr 20, 2021 11:53

COMEX Gold futures have come off after approaching their seven-week high. The metal edged up impressively after breaking above $1700 per ounce mark and rallied by around 100 dollars over last three weeks. The commodity hit $1790 per ounce and eased today and currently trades at $1770 per ounce, almost unchanged on the day. Asian equities are mostly supported today and Gold seems to be focusing on the retail Gold demand in India after recent spurt in the prices. The spot retail prices jumped well above Rs 47000 per 10 grams and with fears of strict lockdowns in many parts of the country, the retail buying is bound to take a hit yet again.