Precious Metals Preview: COMEX Gold Tests $1900 As US Equities Melt

18 Feb 2022 , 09:03 AM

COMEX Gold shot up yesterday, witnessing excellent safe haven buying on sustained worries due to the Russia-Ukraine crisis. The US stocks showed a substantial move back to the downside during trading on Thursday. The major averages all showed significant moves to the downside, with the tech-heavy Nasdaq seeing heavy losses of nearly 3%. The Dow crashed 1.8% and the S&P 500 index tanked around 2%. Gold saw excellent buying on these cues and blasted above the $1900 per ounce mark to hit fresh eight month high. Risk appetite was hit as the Biden administration noted Russian invasion of Ukraine as imminent despite recent media reports suggesting otherwise. MCX Gold futures ended at Rs 50438, up 1.65% on the day, holding above Rs 50000 mark.

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