Gold Off Three Week Top

Published on Oct 18, 2021 13:56

COMEX Gold futures eased on Friday after a highly upbeat week as the metal jumped near a three week high, almost hitting $1800 per ounce mark. Domestic Gold imports surged to around $24 billion during April-September 2021 due to higher demand in the country, according to data from the Commerce Ministry. Imports of the yellow metal was $6.8 billion in the corresponding period last year, the data showed. Gold imports during September this year jumped e to $5.11 billion as against $601.4 million in the same month last year. While these figures benefited the mood, a surge in US equities led to heavy profit selling on Friday and the metal eased more than 1.5% in last session to end at $1768 per ounce and fell near $1760 per ounce today.