Precious Metals Preview: COMEX Gold Dips Well Under $2000 Mark As Equities Rally

10 Mar 2022 , 09:00 AM

Gold tumbled in last session. Crude oil prices saw a massive slide with WTI Crude oil siding more than 10% to approach under $110 per barrel. Copper prices have also dropped sharply after hitting record highs and equities soared following this moderation in commodity prices. The stocks surged on Wednesday led by financial and tech shares, rebounding from recent multi month lows as inflationary fears eased and investors gauged developments in the Ukraine crisis. The S&P 500 posted its biggest one-day percentage gain since June 2020, while the Nasdaq tallied its biggest rise since March 2021. Gold was hit given the spike in equities and also tracked the bounce in Bitcoin which soared above $40000 mark. COMEX Gold tanked more than 2% in last session and broke under the key $2000 per ounce mark. The metal currently trades down 0.30% at $1982 per ounce. MCX Gold lost 2.66% to end at Rs 52780 per 10 grams amid extremely bearish cues from global Gold market.

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