Gold Sees Volatile Action

Published on Aug 05, 2021 12:00

Gold pulled back in highly volatile trading yesterday. The metal spiked to a one week high above $1835 per ounce but dropped sharply as the US dollar index jumped above 92 mark. The metal fell towards $1810 mark and currently trades at $1814 per ounce, almost unchanged on the day. The MCX Gold futures also lost after hitting above Rs 48300 per 10 grams mark and closed around Rs 47900 mark, almost unchanged on the day. Local traders also eyed firm moves in the Indian Rupee. The Indian Rupee added to recent gains as local equities stayed supportive. The INR ended at 74.20 per US dollar, up 9 paise on the day after hitting one month high of 74.08 per US dollar in intraday moves.