Gold Under Stress, COMEX Futures Fall 1% Ahead Of Nonfarm Payrolls

1 Apr 2022 , 05:44 PM

Gold saw a tight action as firmness in the US dollar index weighed on the metal though the general unease on Ukraine worries capped downside for the metal. COMEX Gold moved up near $1950 per ounce yesterday as Russian President Vladimir Putin struck back at Western sanctions on Moscow, threatening to halt contracts supplying Europe with a third of its gas unless they are paid in Roubles. Media reports also noted that Russian forces are regrouping for escalating their attacks in the eastern part of Ukraine. However, the metal failed to sustain at these levels and slipped. COMEX Gold futures are currently trading at $1932 per ounce, down 1.10% on the day. MCX Gold futures trade at Rs 518147 per 10 grams, down 0.67% on the day for the June contract. The US dollar index edged up amid bargain buying after testing its lowest level since March 3. The index currently hovers at 98.53, up 0.21% on the day as the Russia-Ukraine war continues to weigh on sentiments. Currency markets are also waiting for the release of the monthly US nonfarm payrolls data.

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