Gold Supported Amid Selling In Equities, Safe Haven Demand Stays In Place

24 Jan 2022 , 05:48 PM

COMEX Gold stayed well supported amid intense selling pressure in equities and good safe haven demand on the Russia-Ukraine crisis. Asian stocks stayed mostly under pressure. Chinese benchmark Shanghai Composite index closed flat while Hong Kongs Hang Seng index lost 1.24%. Japanese Nikkei 225 edged up 0.24% after recent losing spree. Australian benchmark S&P/ASX 200 index fell half a percent to close at an eight month low. European stocks stayed slippery on broad growth worries. The German DAX index is down nearly 2%. The US stocks tanked yet again on Friday with major indices extending recent selling spree. DOW fell 1.30%. The US markets fell for a fourth straight session. COMEX Gold currently trades up 0.40% amid these cues at $1840 per ounce, not far from its recent two month high. MCX Gold futures are trading at Rs 48500 per 10 grams, up 0.45% on the day.

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