Gold Sees Tight Action, War Keeping Safe Haven Buying Support In Place

Published on Mar 04, 2022 12:22

COMEX Gold saw tight moves but stayed largely supported amid sustained worries on the Ukraine front. A fierce battle is continuing in major cities between the Russian and Ukrainian forces and risk appetite is being hit severely. Meanwhile, Federal Reserve Chair Jerome Powell on Thursday repeated his comments from Wednesday that he would back an initial quarter percentage point increase in the bank`s benchmark rate. This likely worked in favor of Gold and the metal edged up from lows near $1930 per ounce in last session. The counter currently trades up 0.26% at $1941 per ounce. Indian Gold prices are stabilizing just under Rs 52000 per 10 grams mark in local retail markets and will keep a tab on physical purchases even as the economy continues its recovery. This could cap further advances in the metal though the ongoing war is ensuring that the age old safe haven status of Gold is keeping buyers interested in the commodity.