Gold falters under $4100 per ounce, Local spot prices up around 16% in last one year

COMEX Gold futures are witnessing tepid moves after hitting two-week high in last session. The metal soared above $4150 per ounce but failed to sustain amid a rebound in crude oil prices and a heavy selloff in equities. With this slide, COMEX Gold has dipped under $4100 per ounce and currently lingers at $4080 per ounce, down 0.82% on the day. MCX Gold futures are trading at Rs 142455 per 10 grams, down more than 1% on the day. Spot Gold is holding around Rs 120000 per 10 grams in Ahmedabad and is up around 16% in last one year. Prices had dipped sharply in last few weeks and there is a possibility of a pick up in retail demand if current prices hold up in near term.

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