COMEX Gold melts around 5% amid sustained selling

COMEX Gold futures slumped and tested a six-week low, as the resurgent dollar and the Federal Reserve?s unwavering policy stance eroded the metal?s appeal. Gold has failed to sustain despite intensifying geopolitical tensions as the metal broke under 50 day moving average in last session. There are some concerns over near term retail demand amid extremely volatile price action in precious metals recently. COMEX Gold futures are currently trading at $4664 per ounce, down 4.70% on the day. MCX Gold extended losses throughout the session and is currently trading at Rs 146404 per 10 grams, down 4.30% on the day.

Powered by Commodity Insights