Gold Supported, MCX Futures Hold Above Rs 50000 Per 10 Grams

19 May 2022 , 02:51 PM

COMEX Gold futures stayed largely supported amid a heavy slide in global equities. Good buying support emerged in the counter as traders resorted to safe haven buying on growing uncertainty on Russia-Ukraine war. Russia said it was expelling a total of 85 embassy staff from France, Spain and Italy in response to similar moves by those countries, highlighting the damage to relations with leading European Union members since it launched its war on Ukraine. This, clubbed with deep set of losses for global equities capped downside for the yellow metal and COMEX Gold currently trades at $1820 per ounce, up 0.26% on the day. MCX Gold futures also managed to hold above Rs 50000 per 10 grams mark and currently trades at Rs 50400 per 10 grams, up 0.36% on the day.Powered by Commodity Insights