Worries Over Indian Demand Keeps Gold Under Check

Published on Apr 30, 2021 11:48

COMEX Gold futures failed to sustain the gains seen after a tepid US Fed statement as worries over Indian demand in near term weighed on the market. India`s Daily Covid-19 cases saw yet another massive spike as a total of 3,79,257 new cases were registered on Wednesday. Ten States including Maharashtra, Uttar Pradesh, Delhi, Karnataka, Kerala, Chhattisgarh, West Bengal, Tamil Nadu, Andhra Pradesh and Rajasthan report 72.20% of the new cases. Maharashtra has reported the highest daily new cases at 63,309 and announced an extension of the current lockdown by 15 more days. COMEX Gold futures were also hurt by firm cues from equities and pulled back under $1770 per ounce. The counter currently trades at $1765 per ounce, down 0.16% on the day.