Gold To Focus On Deep Correction In Bitcoin

Published on Dec 06, 2021 11:05

COMEX Gold tanked near a one month low of $1760 per ounce before edging up. The yellow metal gas been turning lower despite the worries posed by new Covid-19 variant Omicron in last few days. Bulk of the selling pressure has been triggered by worries over a potentially quicker tightening of the US monetary policy. Gold traders are also keeping a check of increasing Chinese Gold output. India`s retail Gold demand outlook is also mixed after the festive season. The metal ended just above $1780 per ounce. Gold will likely be supported after an intense drop in Bitcoin over the weekend saw the cryptocurrency tank near $42000 mark.