Gold stays supported amid stress in equities

Published on Mar 10, 2023 14:34

Gold futures are witnessing a mild pick up as signs of stress in equities are working in favor of the metal. The commodity has seen decent buying coming in around $1810 per ounce mark in last few sessions and currently trades at $1840 per ounce, up 0.30% on the day. The US dollar index hovers under 105 mark but the balance of US monetary policy has tilted in favor of hawks following the latest comments from Fed Chief Jerome Powell. While elevated interest rates normally dent demand for Gold, the metal seems to be supported well following a recovery from two month low. A tumble in Bitcoin is also benefitting Gold. The leading cryptocurrency has lost around 8% in last session and is under $20000 mark now. It hit a six month high of $25000 in mid-February before topping out.