Spurt In Bitcoin Caps Upside In Gold

Published on Sep 02, 2021 12:18

COMEX Gold futures are witnessing lacklusture moves as firm action in Bitcoin is capping upside for the yellow metal. However, the US dollar index is lingering at a three week low and soaring US Covid-19 cases are keeping losses limited. The Bitcoin value soared more than 5% today to approach around $50000 mark. COMEX Gold is quoting flat at $1814 per ounce right now amid a cautious movement in Asian equities. The Indian Rupee has eased a little after hitting two and half month high against the US dollar and local futures will track the movement in the USD-INR pair for assessing near term direction in local MCX Gold futures. The price action in local retail market will also be seeking cues from the INR trends.