COMEX Gold Hovers Around $1950 Per Ounce Mark

COMEX Gold Hovers Around $1950 Per Ounce Mark

Sep 17, 2020 05:09 IST capital market

COMEX Gold futures slipped today as risk appetite was hurt and the metal eased in tandem with equities, extending a movement it has witnessed quite often in recent times. Gold hit two week high above $1980 per ounce as the Federal Reserve kept rates unchanged Wednesday, and reiterated that monetary policy would remain accommodative for a prolonged period to support the economys ongoing recovery. However, the metal flipped back on corrective selling and fell to $1943 per ounce before edging up. The counter currently trades at $1951 per ounce, down 1% on the day. MCX Gold futures trade at Rs 51471 per 10 grams, down 0.68% on the day. A sharp spike in global Covid-19 cases, which hit around 368000 on 15th September is likely to be supportive for Gold.

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