Gold Supported After Hitting Seven Week High

Published on Apr 26, 2021 11:43

The COMEX Gold futures saw excellent gains amid good buying last week amid plenty of interest in the metal from funds. The US dollar stayed lax, lingering around seven-week low. It seems that the extremely tepid outlook for bullion retail sales in India is not affecting the sentiments much for Gold. Gold hit seven-week highs around $1800 per ounce before easing a little and ended just under $1780 per ounce. The commodity also tracked a a sharp slide in leading global cryptocurrency Bitcoin. Bitcoin extended losses from an all-time high, dropping below the $50,000 level to approach near $48000, its lowest level in nearly seven weeks. A continued surge in India`s Covid-19 cases could cap further gains in Gold in near term. The fresh daily cases count in India hit another record high near 3.5 lakh. This is likely to weigh on the metal, keeping a lid on rallies.