Precious Metals Preview: Gold Sees Excellent Gains, MCX Futures Break Above Rs 52K

25 Mar 2022 , 08:50 AM

COMEX Gold futures saw an excellent upmove yesterday, rising for a second session amid good follow up buying. The rally from lows near $1910 per ounce extended and saw the metal spike around 1.30% to approach its one and half week high of $1960 per ounce. Gold moved in tandem with US dollar as the Russia-Ukraine war continued to be in focus. The United States announced a new package of sanctions on Russian elites, lawmakers, and defense companies, punishments designed to ramp up pressure on Moscow over its invasion of Ukraine. The G7 nations, meeting in Brussels between a NATO summit in the morning and a later EU summit, reiterated their condemnation of the Russian invasion of Ukraine. G7 leaders warned Russia that they would not hesitate to impose new sanctions if Russia was to escalate the conflict any further. Gold appears to be holding onto its own as the metal soared yesterday despite a more than 4% jump in leading cryptocurrency Bitcoin. MCX Gold broke above Rs 52000 per 10 grams and closed at Rs 52075 per 10 grams, up 0.59% on the day.

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