Gold gains half a percent as some support emerges at three-week low

Gold edged up today following sustained losses in last few sessions. COMEX gold futures tested a three-week low around $3300 per ounce yesterday owing to reduced safe haven demand for the yellow metal as trade tensions seemingly eased. Firmness in dollar overseas is also contributing to weakness in the precious commodity. The dollar index is hovering above 98 mark as investors assessed recent trade deals between the United States, Japan, and the European Union. A brief respite has emerged for the metal today as the focus has shifted to the outcome of a two-day FOMC policy meeting on Wednesday. COMEX Gold futures are currently quoting at $3324 per ounce, up 0.44% on the day. MCX Gold futures are trading at $98855 per 10 grams, up 0.42% on the day after falling near Rs 98400 per 10 grams in early moves.

Powered by Commodity Insights