Gold Hovers Around Rs 53K On MCX

18 Nov 2022 , 01:11 PM

COMEX Gold futures are showing signs of some retrain after latest spurt to around three month high as the commodity eyed a modest uptick in the US dollar. A deep slide in crude oil futures and signs of inflation cooling off in the US are also capping advances in the yellow metal. Soaring equities has also dented sustained buying in the commodity after it run up from $1620 to near $1800 per ounce over last two weeks. However, massive correction is unlikely given the tantalizing global geopolitical backdrop. North Korea has fired a ballistic missile off its east coast yesterday, after it warned it would take fierce military action against US. The metal is quoting at $1767 per ounce, up marginally on the day. MCX Gold futures are consolidating around Rs 53K.Powered by Commodity Insights