Precious Metals Preview: COMEX Gold Supported In Volatile Trading

7 Feb 2022 , 12:54 AM

COMEX Gold futures saw a highly volatile movement on Friday, falling near $1790 per ounce but edged up thereafter, closing at $1809 per ounce, up 0.27% on the day. MCX Gold futures closed flat at Rs 47950 per 10 grams. Indias Covid -19 count is consistently falling and retail demand is looking supportive. Domestic business confidence has remained buoyant in the third quarter of the current financial year, though the pace of rise was moderated by a spurt in the number of COVID-19 cases in December 2021, according to economic think-tank NCAER, media reports noted. Business sentiments recovered in the October-December quarter of 2021-22 as compared to those prevailing in the July-September quarter, the NCAER said in a release. The NCAER-NSE Business Confidence Index (BCI) increased by 6% on a quarter-on-quarter (q-o-q) basis and by 46.6% on a year-on-year (y-o-y) basis.

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