MCX Gold Slips Under Rs 50K

13 May 2022 , 05:41 PM

COMEX Gold futures slipped today, not being able to hold into the intraday bounce as a recovery from three month low was cut short due to strong risk appetite. Stock markets in Asia edged up. Chinas Shanghai Composite index rose around 1%. Hong Kongs Hang Seng added 2.68%. Japanese Nikkei index jumped 2.64%. Shares in Europe saw impressive gains, rising more than 1% for major indices. The US stocks saw substantial volatility on Thursday before ending the day little changed. Gold was also under stress due to continued firmness in the US dollar index as it hovered just under a 20 year high. COMEX Gold pulled back from highs of $1820 per ounce and currently trades down 0.53% at $1814 per ounce. MCX Gold futures also turned lower due to this and currently trade at Rs 49946 per 10 grams, down 0.45% on the day. The failure to hold above Rs 50k shows nervousness in the market amid soaring inflation. Powered by Commodity Insights