Gold Tests One Week Low

Published on Feb 03, 2021 12:43

COMEX Gold futures fell sharply in last session as a firm undertone in the US dollar and a reduction in India`s precious metals import duty weighed on the commodity. COMEX Gold dropped around 1.5% to test a two week low of $1830 per ounce. Silver slumped sharply amid a continued unravelling of last week`s social media fuelled buying spree. The white metal crashed around 9.5% though a more than 2% recovery in Asia took the metal above $26.26 per ounce. US Covid-19 cases are showing some moderation and Gold seemed to be tracking the slide in Silver as well as the smart run in US dollar index which hit a two month high above 91 mark.