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Gold Races Near Seven Week High On COMEX

Published on Apr 16, 2021 11:54

COMEX Gold soared yesterday, hitting around seven week high near $1760 per ounce as a slide in the US treasury yields boosted the metal. India`s import data also helped the sentiments. India`s Gold imports came in at Rs 61827 crores in March 2021, marking a solid jump of 577% compared to the lockdown affected March 2020. The overall Gold imports in April-March FY21 also rose by 27% to Rs 254829 crores. COMEX Gold futures eased a little in Asia and currently trade at $1762 per ounce. With the local Covid-19 cases hitting above the 2 lakh mark and fears of lockdown in various parts of the nation, the retail demand in India is likely to be very thin in near term. This could arrest the upside in the commodity.

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