Gold Stays Well Supported, COMEX Futures Hit One Month High

Published on Dec 18, 2020 12:59

COMEX Gold futures soared sharply as the US dollar extended losses and commodities firmed up across the board. COMEX Gold futures hit a one month high near $1890 per ounce with excellent support coming in even as global equities extended winning movement. The US dollar index fell under 90 mark and tested near 89.60 mark, falling sharply. Indian demand is likely to pick up with Covid-19 cases falling constantly and a vaccine roll-out due on the horizon very soon. India`s Gold imports stood at Rs 22433 crores in November 2020, up 6.63% compared to November 2019. Gold imports in April-November 2020 are down by 36.65% at Rs 91455 crore. The rise in imports is likely to keep the metal supported in near term.