Risk Appetite Keeps Gold Under Check

Published on Feb 16, 2021 16:18

COMEX Gold futures stayed lax as excellent risk appetite in world markets capped buying in the metal. The metal has been facing consistent selling pressure after hitting one week high last week as firm equities pulled the commodity down. A surge in Bitcoin to fresh highs of 50000 per US dollar also weighed on the red metal. Indian retail demand is likely to be good in near term as Covid-19 cases fall sharply and spot prices linger under Rs 48000 per 10 grams mark, triggering good buying. This can protect the downside in the counter. The COMEX Gold futures are currently trading marginally up at $1824 per ounce.