Precious Metals Preview: MCX Gold To Focus On Weakness In Indian Rupee

19 Jan 2022 , 08:54 AM

Gold cut losses after rising US treasury yields weighed on the metal. The COMEX Gold futures fell to a one week low near $1800 per ounce following profit booking after a latest surge. However, weak US equities capped the losses and the counter moved up. The US stocks tanked on Tuesday. NASDAQ fell to a three month low. MCX Gold closed in green with weak US dollar pushing up the prices after the futures tested a low under Rs 47800 per 10 grams mark. MCX Gold closed at Rs 47948 per 10 grams, up marginally on the day. The Indian Rupee tumbled, extending losses as a slide from four month high continued. INR closed at 74.58 per US dollar today, down 33 paise on the day amid a drop in local equities.

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