Tepid Cues From US Dollar Index Caps Downside For Gold

Published on Mar 30, 2022 17:36

COMEX Gold futures are trying to stabilise after a sharp correction in last session. COMEX Gold tanked as reports of progress in the cease-fire talks between Russia and Ukraine in Turkey capped the safe haven demand for the metal. Russia has decided to drastically cut its military activity focused on Kyiv and Chernihiv. Ukrainian negotiators proposed adopting neutral status in exchange for security guarantees. COMEX Gold tested a one month low of $1888 per ounce amid these cues. However, the slide in US dollar index provided good support to Gold. The Dollar index currently trades at a one and half week low around 98 mark. This has ensured that Gold holds above $1900 per ounce mark. COMEX Gold futures currently trades at $1921 per ounce, up half a percent on the day.