Gold Choppy After Overnight Slump, MCX Futures Linger Around Rs 53800 Mark

6 Dec 2022 , 02:50 PM

COMEX Gold futures slumped yesterday as a recovery in the US dollar and a tumble in crude oil prices led to a sharp slide in the metal. Traders booked profits after the commodity hit a five month high of $1822 per ounce. The metal lost nearly $40 per ounce and currently trades flat at $1784 per ounce. This was primarily led by a surge in the US dollar index that recovered back above 105 mark. WTI Crude oil futures also crashed, breaking under $80 per barrel mark and triggered a downbeat reaction in the broad commodities segment. For COMEX Gold, this turned out to be a highly negative set of variables and the metal saw accelerated losses once it broke under $1800 per ounce mark. With this slide, there is a possibility that the metal will likely see choppy action ahead of the upcoming US Fed monetary policy decision on December 15th 2022. MCX Gold futures are quoting at Rs 53800 per 10 grams, up 0.55% on the day. The counter hit above Rs 54200 per 10 grams yesterday before sliding and ended around Rs 53500 mark. Powered by Commodity Insights