Gold supported on fresh geopolitical worries

Published on Nov 16, 2022 13:11

COMEX Gold futures stayed well supported today, holding onto recent gains as the US dollar index toppled to near three month low under 106 mark yesterday. Gold was also supported on fresh geopolitical worries as Poland said that a Russian-made missile fell in the country`s east, killing two people. While this has not yet triggered a fresh wave of escalation and Poland and NATO have suggested they were not treating the missile blast as an intentional Russian attack, it could potentially set up the direct involvement of NATO in the ongoing Russia-Ukraine war given that Poland is a NATO member. COMEX Gold futures are holding around $1780 per ounce amid these developments.