COMEX Gold futures extended rally well above $1600 per ounce as equities stayed locked in a choppy trade. Traders are looking for a continued soft monetary policy from global central bankers in the wake of the Coronavirus spread. Leaving interest rates at their current levels is likely to remain appropriate for some time, according to the assessments offered by Federal Reserve officials in the minutes of the central banks latest monetary policy meeting. Gold soared even as the US dollar jumped. The US dollar index is currently quoting at 99.76, up 0.17% on the day- lingering around 34 month high. The COMEX Gold futures currently trade at $1614per ounce, up 0.18% on the day. The metal has approached around its highest level in seven years.
MCX Gold futures also hit a fresh high of Rs 41798 per 10 grams and currently trade at Rs 41741 per 10 grams, up 0.37% on the day. Meanwhile, the Indian Rupee continued to slip on soaring crude oil prices. INR closed at 71.64 per US dollar, down 8 paise on the day. This is the lowest mark in nearly two weeks for the INR. INR fell to 71.80 per US dollar in intraday moves as local stocks slipped in afternoon trades. This was the lowest level in nearly six weeks for the local currency.
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