Gold Tanks Ahead Of US Fed Meet, MCX Futures Under Rs 52K

15 Mar 2022 , 12:20 PM

COMEX Gold has tumbled today, extending its slide from all time highs as worries over Indian demand trends and an imminent interest rate hike from the US Federal Reserve took hold of the sentiments. The metal also tracked a deep slide in crude oil prices. COMEX Gold had seen sustained losses in last session, not being able to hold onto rallies towards $2000 per ounce and saw continued correction today despite broad worries over Russia-Ukraine war. In a critical data point for the yellow metal, Indias Gold imports came in at Rs 35850.71 crores in February 2022, recording a drop of 6.86% compared to February 2021. Gold imports in April-February FY22 jumped by 74.68% compared to same period in previous fiscal but the massive spurt in prices over last few days is likely to keep local purchases under check. The COMEX Gold futures are currently trading down 1.45% at $1932 per ounce, lowest in around two weeks. MCX Gold futures also pulled back under Rs 52000 per 10 grams and currently trades at Rs 51724 per 10 grams, down 1.10% on the day.

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