Gold Sees Modest Gains

Published on Oct 19, 2021 11:30

COMEX Gold futures saw sideways action after the massive spurt in last week when the metal hit near three week high around $1800 per ounce. Soaring Bitcoin and lack of fresh buying in the commodity after spot prices in Indian soared above Rs 47000 per 10 grams weighed on the counter. Bitcoin hovered near a six-month high above $62000 mark on Monday on hopes that US regulators would soon allow cryptocurrency exchange-traded funds (ETF) to trade. Gold has edged up in Asia today and currently trades up half a percent at $1774 per ounce. This should lead to a steady opening for local Gold futures.