GOLD LARGELY SUPPORTED AHEAD OF FED MEETING

Published on Jun 16, 2021 11:23

COMEX Gold futures stayed largely supported after testing around one month low under $1850 per ounce. Gold has been sliding after a break under $1900 per ounce as a firm US dollar and lack of safe haven buying are keeping the sentiments under check for the commodity. Some bargain buying is visible today though as India continues to report a sustained drop in the Covid-19 cases. The metal is now focusing on the US Fed meeting outcome today and lingers around $1860 per ounce, almost unchanged on the day. Local traders also focused on weakness in Indian Rupee. The Indian Rupee continued to ease yesterday as sustained rally in crude oil prices hurt the currency though soaring local equities capped losses. The INR closed at 73.31 per US dollar, down 2 paise on the day.