Gold Holds Just Under $1850 Mark, Local Demand Seen Lower

7 Jun 2022 , 12:58 PM

COMEX Gold futures hovered just under $1850 per ounce mark as markets stayed in a cautious mode amid lingering worries over the Russia-Ukraine war and a bounce in the US dollar index. The World Health Organisation (WHO) has noted that 780 laboratory-confirmed Monkeypox cases had been reported to it from 27 non-endemic countries but maintained that the global risk level was moderate. Gold is currently trading at $1846.50 per ounce, down 0.16% on the day. The US dollar index is quoting at 102.60 mark, having seen a good recovery from lows under 102 in last session. Indian spot Gold prices are lingering around Rs 51000 per 10 grams amid a weak undertone in the Indian Rupee and will likely weigh on local demand ahead of the start of monsoon season which is mostly a tepid period for Gold buying. Powered by Commodity Insights