MCX Gold Lingers Around Rs 49K As Strength In Dollar Turns Sentiments Pale

19 Sep 2022 , 01:06 PM

COMEX Gold futures slumped near five month low as the metal failed to hold a rally above $1700 per ounce mark in the last session. The US dollar index continued to consolidate just under 110 mark and Gold is witnessing tepid moves despite a general unease in the risky assets. The Indian retail buying is pretty much lax due to ongoing Shradhh period when spot retail buying is typically tepid. Spot prices are lingering just under Rs 49000 per 10 grams after the recent correction, making them highly attractive just ahead of the festive season. However, globally, a continued wave of lockdowns in China due to Covid-19 and an upward trend in major central banking interest rates is capping advances in Gold. The metal currently quotes at $1670 per ounce, down 0.75% on the day. MCX Gold futures are also down 0.65% at Rs 49057 per 10 grams. Powered by Commodity Insights