Weak INR Pushes Up MCX Gold By 1%

14 Feb 2022 , 05:40 PM

COMEX Gold futures held up just under a three month high today. Geopolitical tensions flared up after the United States said Russia could invade Ukraine at any time. The COMEX Gold futures are currently trading up 0.85% at $1858 per ounce. MCX Gold futures spiked above Rs 49000 per 10 grams and currently trade up 1% at Rs 49640 per 10 grams. Local futures also eyed a slide in Indian Rupee. The Indian Rupee slumped today as a recent slide extended amid heavy selling pressure in local equities. The INR fell rupee fell to a two month low near 75.60 per US dollar. The NIFTY tanked more than 2% today as heavy geopolitical tensions weighed on risky assets. This boosted the safe-haven appeal of the greenback and the US dollar index broke above the 96 mark.

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