COMEX Gold eases around 3% this week, overall undertone tepid

COMEX Gold futures are witnessing modest upmove today but overall undertone remained tepid for the metal after a near 3% fall this week. Gold has slipped amid volatile equities and worries over elevated interest rates in coming months. Indian demand trends are also expected to be slack in near term and the metal is not very far from its seven-month low. COMEX Gold currently trades at $4001 per ounce, up 0.22% on the day. The US dollar index edged up yesterday but remained choppy today, hovering around 100.50 mark. Meanwhile, geopolitical scenario is strained as US launched a sixth consecutive night of strikes against Iran yesterday. Gold is likely headed towards a choppy price action with $4000 per ounce offering a cautious support. MCX Gold futures are trading at Rs 140508 per 10 grams, up 0.11% on the day. It tested lows under Rs 140000 per 10 grams mark in intraday moves.

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