Precious Metals Preview: COMEX Gold Slippery Ahead Of Fed

16 Mar 2022 , 08:55 AM

COMEX Gold extended a correction from all time highs as worries over Indian demand trends and an imminent interest rate hike from the US Federal Reserve took hold of the sentiments. The metal also tracked a deep slide in crude oil prices. COMEX Gold had seen continued losses after falling under $2000 per ounce despite broad worries over Russia-Ukraine war. Indias Gold imports came in at Rs 35850.71 crores in February 2022, recording a drop of 6.86% compared to February 2021. Domestic Gold imports in April-February FY22 jumped by 74.68% compared to same period in previous fiscal but the massive spurt in prices over last few days is likely to keep local purchases under check. The COMEX Gold futures are currently trading down 0.42% at $1921 per ounce, lowest in around two weeks. MCX Gold futures closed at Rs 51510 per 10 grams, down 1.52% on the day after testing a low of 51220 per 10 grams.

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