Precious Metals Preview: COMEX Gold Falls Near Five Week Low

Precious Metals Preview: COMEX Gold Falls Near Five Week Low

Sep 20, 2021 12:09 IST capital market

COMEX Gold futures extended losses on Friday after as a break under $1800 per ounce level continued to weigh heavily on the metal. The US dollar index broke above 93 mark and kept Gold bulls in a fix. Meanwhile, the fresh US daily Covid-19 cases are slowly dipping. The number of Covid-19 cases peaked on September 13 with over 2.85 lakh new infections. However, the cases have shown a decline since then, falling around 1.65 lakh on Friday. This also kept Gold under check. Market remained focused on retail demand trend in India as festive season approached and economic activity continued to normalize. The COMEX Gold futures closed around a five week low of $1754 per ounce, down marginally on the day in last session while MCX Gold futures ended at Rs 46000 per 10 grams, down 0.16% on the day.

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