Gold Sees Modest Losses After Hitting One Week High

Published on Jun 24, 2021 12:15

COMEX Gold futures failed to see much traction after edging up near one week high of $1795 per ounce in last session. A continued drop in global daily Covid-19 cases weighed on the yellow metal. The global number of Covid cases has declined by 6%, and the number of deaths by 12% over the past week, the World Health Organisation has said. While the number of cases reported globally now exceeds 177 million, last week saw the lowest weekly case incidence since February 2021. Global numbers of cases and deaths continued to decrease over the past week (14-20 June 2021) with over 2.5 million new weekly cases and over 64,000 deaths, a 6 percent and a 12 percent decrease respectively, compared to the previous week, according to the WHO`s weekly epidemiological update on Tuesday. Gold also remained stressed on near term Indian demand outlook. The COMEX Gold futures are currently trading down 0.37% at $1777 per ounce.