COMEX Gold Nears $1800 Mark, Rally In Rupee Caps Gains In Local Futures

COMEX Gold Nears $1800 Mark, Rally In Rupee Caps Gains In Local Futures

May 06, 2021 05:05 IST capital market

COMEX Gold futures witnessed good buying around $1770 per ounce in last session and saw sustained gains today. Soaring commodity prices globally and a continued lax monetary out is supporting the COMEX Gold futures in the last few days. However, Indian demand scenario remains stressful and there is no end in sight as far as the daily addition in COVID-19 cases is concerned. COMEX Gold futures are currently trading up 0.56% at $1794 per ounce. MCX Gold broke above Rs 47000 per 10 grams on the jump in global prices but consolidated afterwards as the Indian Rupee rose today amid steady gains in local equities. The INR hit a one month high of 73.77 against the US dollar in intraday moves. This capped gains in the MCX Gold futures and the counter currently trades at Rs 47145 per 10 grams, up 0.31% on the day.

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