Gold claws back above $2000 mark after testing two week low

Published on Apr 20, 2023 14:32

Sideways movement was seen in COMEX Gold futures today after deep losses and volatility yesterday following strength in US dollar and rise in the global treasury yields. The COMEX Gold futures are trading flat at $ 2007.20 an ounce after closing down $12.4 an ounce yesterday. It traded in the wide and volatile range of almost $ 40 yesterday i.e. $2020.30- 1980.90 an ounce. Prices are holding above $2000 mark after testing near two week low yesterday. The US dollar index that measures the greenback against a basket of currencies is trading well below 102 mark in Asia today. In other commodities, oil, silver and copper were also seen trading pale extending yesterday`s losses. For COMEX Gold, the $2080 mark is serving as good resistance for the metal which was last breached in august 2020. The metal was last seen nearing that level in march 2022 when it touched $2078. 80 and was taken down to $1618.30 in the month of November 2022.