Gold Slides Near One Week Low

Published on Apr 13, 2021 12:35

Gold futures continue to slide after hitting near a six-week high last week. Worries over Indian demand capped the gains. The metal currently trades down 0.50% at $1724 per ounce, lingering around one week low. A massive spurt in Covid-19 cases are likely to hurt the retail purchases. India`s daily new Covid-19 cases continue to rise. A total of 169000 new cases were registered on Monday followed by around 161000 yesterday. Ten States including Maharashtra, Uttar Pradesh, Delhi, Chhattisgarh, Karnataka, Kerala, Tamil Nadu, Madhya Pradesh, Gujarat and Rajasthan have shown a rise in the COVID daily new cases. The yellow metal is also eyeing continued outflows from global Gold exchange traded funds. A modest recovery in the US dollar index, which quotes up 0.14% at 92.30 mark is also turning critical for the commodity.