Precious Metals Preview: MCX Gold Soars More Than 2% As Risk Appetite Stays Extremely Weak

2 Mar 2022 , 08:51 AM

Gold stayed firm amid continued risk aversion in world markets as COMEX futures spiked well above $1900 per ounce mark. The US stocks tumbled yet again, witnessing deep losses and testing multi month lows as risk appetite went for a toss amid heavy war in Ukraine. Gold saw good safe haven demand as US 10 year treasury yields fell to a five week low. The yellow metal hit above $1940 per ounce mark, adding more than 2% on the day in last session. Soaring metal and crude oil prices are also keeping Gold well supported on inflationary concerns. MCX Gold futures closed at Rs 51785 per 10 grams, up 2.20% on the day amid firm global cues.

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