Gold Hovers Around $1500 Per Ounce

Gold Hovers Around $1500 Per Ounce

Sep 11, 2019 12:09 IST capital market

COMEX Gold futures are lingering around $1500 per ounce as some buying emerged in the counter after recent losses. MCX Gold currently trades at $38115 per ounce, down 0.36% on the day after recovering from a low of Rs 38056 per ounce. The metal is also looking at a surge in oil prices to around six month highs. WTI Crude oil futures saw an impressive rebound today after a fall in last session on ideas that the oil producing major Saudi Arabia may resort to some production cuts in order to prop up the market. US crude stocks for the week ended September 6 were down 7.3 million barrels, according to data released by the American Petroleum Institute on Tuesday, media reports quoted. This pushed up the commodity above $58 per barrel. Oil hit around six week high of $58.76 per barrel yesterday.

Powered by Commodity Insights

Related Story