MCX Gold Hits Rs 54000 Mark, Equities Under Intense Stress

7 Mar 2022 , 05:25 PM

COMEX Gold futures hit $2000 per ounce amid sustained buying support as the war between Ukraine and Russia continued to pose worries to global risk aversion and equity indices tanked around the globe. The metal currently trades at $2002 per ounce, up 2% on the day. These are the highest levels in last eight months for the metal. MCX Gold is up 2.70% at Rs 53983 per 10 grams as slide in Indian Rupee has pushed up the local futures further. The counter hit a high of Rs 540.10 per 10 grams in intraday moves. Asian stocks started new week on a dismal note. Chinese benchmark Shanghai Composite index lost 3%. Hong Kongs Hang Seng slumped 3.90%. Japanese Nikkei index lost around 3%. European stocks saw heavy losses with the German DAX and French CAC losing more than 3%. The US stocks stayed under continued stress on Friday. DOW lost half a percent while the tech heavy NASDAQ slumped 1.6%. The Dow closed lower for the fourth straight week.

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