Hot Commodities: Gold Spikes To Eight Month High In Asia

15 Feb 2022 , 12:06 PM

COMEX Gold futures extended their recent run as rising geopolitical tensions between Russia and Ukraine and soaring crude oil prices acted as a perfect blend of events to push up the metal. The commodity has been well supported after breaking above $1800 per ounce mark and is currently quoting at $1880 per ounce, up 0.63% on the day. These are the highest levels for the yellow metal in around eight months. Media reports are stating that the Chinese Gold demand remained strong around the Chinese Lunar New Year period and there is a sense of real buoyancy in the metal as the prices have managed to surge despite a steady pick up in Bitcoin values. MCX Gold futures also followed this upmove in global prices and broke above Rs 50000 per 10 grams mark today. The counter currently trades at Rs 50278 per 10 grams, up 0.73% on the day.

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