Gold On Track For Around 7% Drop In June Quarter

29 Jun 2022 , 04:20 PM

COMEX Gold pulled back today after testing around two week low. The metal eased in Asian trades but losses were trimmed amid mostly weak equities. The Asian stocks pulled back after recent gains. Heavy selling was seen in Hang Seng as it lost around 2%. European shares slipped with major indices pulling back by more than 1%. The US stocks fell sharply amid heavy intraday selling pressure as US consumer confidence data dampened investor optimism and fuelled worries over recession. COMEX Gold futures are currently trading at $1820 per ounce, almost unchanged on the day. The metal has mostly eased in the current month, giving up more than 30 dollars and is on track to record around 6.75% drop in the June quarter. MCX Gold futures edged up and hit a high of Rs 51000 per 10 grams as the Indian Rupee hit another fresh low against the US dollar.Powered by Commodity Insights