Gold Starts Week On Slightly Bearish Note

Published on Aug 16, 2021 11:45

COMEX Gold spiked to one week high above $1780 per ounce in last session though the metal started the new week in a mildly bearish manner. COMEX Gold currently trades down 0.17% at $1775 per ounce. The metal is still looking edgy after the quick tumble that took it to a four-month low. Indian demand outlook is supportive for the commodity as the daily Covid-19 cases continue to slide and states unlock further towards normalcy. The active cases constitute just 1.20% of total cases; lowest since Mar 2020. MCX Gold futures broke above Rs 46000 per 10 grams mark and almost hit Rs 47k level on strong buying support. The US dollar index tumbled as a slide under 93 mark extended and offered good support to Gold.