Gold Trapped In Sideways Movement Amid Broad Dollar Strength

Published on Mar 21, 2022 11:52

COMEX Gold witnessed selling pressure around $1950 per ounce amid firm cues from equities. The metal fell around 1% on COMEX in last session, closing at $1921 per ounce. Not much of clarity is emerging on how the ongoing Russia-Ukraine war will play out in near term though worries over escalation in violence will likely cap downside in Gold. The latest spurt in WTI Crude oil futures above $100 will also augur well for the commodity. However, firm US dollar index, which is holding above 98 mark could ensure that the overall movement remains sideways in the metal.