Gold Trying Hard To Bounce After Yesterdays Tumble

20 Apr 2022 , 05:34 PM

The COMEX Gold futures are trying to edge higher today after the tumble in last session. Equities are witnessing mixed movement and are providing some support to the yellow metal. A mild recovery in crude oil prices is also working in favor of the commodity. Asian stocks saw mixed moves on Wednesday as China defied expectations by keeping its benchmark lending rate unchanged. Shares in Europe slipped with indices in France and Germany giving up around 1% each. US stocks surged on Tuesday on the back of stronger-than-expected corporate earnings despite bleak forecasts on global economic growth. The spike in US equities had taken a hit on Gold as the metal tanked to a one and half week low of $1940 per ounce. The counter currently trades at $1955 per ounce, down marginally on the day. MCX Gold trades at Rs 52545 per 10 grams, down 0.15% on the day. The US dollar index is under 101 mark, keeping Gold steady.

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