MCX Gold Trades Marginally In Red

MCX Gold Trades Marginally In Red

May 05, 2021 05:05 IST capital market

COMEX Gold futures slipped after hitting a two-week high of $1798 per ounce on Monday. The US interest rates may need to rise to prevent the economy from overheating as more of US President Joe Bidens economic investment programs come on line, US Treasury Secretary Janet Yellen noted yesterday. Gold is currently trading flat at $1776 per ounce. MCX Gold futures yet again broke under Rs 47000 per 10 grams and currently trade at Rs 46800 per 10 grams, down 0.12% on the day. Gold is keeping an eye on easing Covid-19 restrictions in the US. The US States continued to relax pandemic restrictions amid the vaccine rollout. New York Governor Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City soon. Florida Governor Ron DeSantis signed an executive order on Monday that immediately suspends the states remaining health restrictions. This is taking some toll on Gold as safe haven buying is receding.

Powered by Commodity Insights

Related Story

Open Free Demat Account (Rs699)