Gold on a recovery trail after testing seven week low

Published on May 24, 2023 18:07

The COMEX Gold futures continued to see good bargain buying around a seven week low of $1950 per ounce as traders eyed the US debt deal developments and also focused on continued selling pressure in Bitcoin this week. The leading cryptocurrency has dipped from a multi month high above $31000 in mid April and is lingering around two month low of $27000 now. This is pushing up Gold amid mixed cues on US debt ceiling extension. The metal gained around 1% in overnight trades and currently trades at $1975 per ounce, up marginally on the day. MCX Gold futures are trading up marginally at Rs 60285 per 10 grams after falling near Rs 59700 mark in last session. The US dollar index is holding above 103 mark, off recent highs but still well supported.