Gold stays weak under $2000 per ounce

Published on Apr 28, 2023 14:26

Gold futures tumbled below $2000 mark early in Asia today on back of strength in US dollar and equity markets. Asian equities jumped today, with Japan leading the gains after the Bank of Japan kept its monetary policy unchanged in the first monetary policy meeting chaired by new governor Kazuo Ueda. The yellow metal tanked near $1980 per ounce in last session.

Japan`s Nikkei 225 is up 1.4% at 28,856.44 following the central bank`s decision. China`s Shanghai Composite rose 1.11% at 3322.77 and Hong Kong`s Hang Seng index climbed 0.72% at 19983.61. Strength in US dollar also hurt sentiment for the precious metal, US Dollar Index gained 0.17% at 101.40 in the Asia trading hours today. Japanese yen saw also registered solid gains today, trading up 1.31% to 135.76 against the greenback.

COMEX gold futures for latest delivery are trading down $6.20 at $1992.80 an ounce. Trading range so far today is $1991.90-2000.10. A break below $1980 levels might trigger further losses in the metal. However, base metals and energy were seen trading higher following strong gains in US equity as DOW jumped from a three week low. COMEX copper futures were trading up 0.31% at $3.89 per pound.