COMEX Gold at eight month low, MCX Futures test Rs 45,000

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Gold resumed its selling spree today amid firm US dollar and lack of buying. COMEX Gold futures recovered yesterday amid good bargain buying as traders focused on US stimulus.

The US President Joe Biden marked his first legislative win as the House of Representatives passed his $1.9 trillion coronavirus relief package on Saturday.

This pushed up COMEX Gold near $1760 per ounce but firm cues from equities capped the upside. The metal pulled back thereafter and currently trades at $1720 per ounce, testing fresh eight month low.

MCX Gold futures hit highs above Rs 46,100 per 10 gram mark yesterday and eased sharply. The counter fell under Rs 45K today. The US dollar index is holding above 91 mark after hitting around three week high and is keeping buying under check in Gold. Powered by Commodity Insights