Gold Softens On Sustained Selling Pressure

Published on Mar 16, 2022 17:13

COMEX Gold extended a correction from all time highs as worries over Indian demand trends and an imminent interest rate hike from the US Federal Reserve took hold of the sentiments. The metal also tracked a deep slide in crude oil prices. COMEX Gold had seen continued losses after falling under $2000 per ounce despite broad worries over Russia-Ukraine war. India`s Gold imports came in at Rs 35850.71 crores in February 2022, recording a drop of 6.86% compared to February 2021. Domestic Gold imports in April-February FY22 jumped by 74.68% compared to same period in previous fiscal but the massive spurt in prices over last few days is likely to keep local purchases under check. The COMEX Gold futures are currently trading down 0.37% at $1922 per ounce, lowest in around two weeks.