GOLD SUPPORTED ON WEAKNESS IN US DOLLAR

Published on Feb 02, 2022 11:45

Gold stayed largely supported amid a heavy slide in the US dollar index but overall movement was sideways. COMEX Gold futures steadied around $1800 per ounce mark. The overall setup appears to be turning cautious after a sharp tumble last week that took the metal near three week low of $1780 per ounce. A steady rebound in Bitcoin from multi month lows also capped the yellow metal. Bitcoin neared $39300 mark in last session. The US dollar index fell under 97 mark on Monday and has been witnessing sustained selling pressure thereafter.