COMEX Gold Tests Eight Month Low

March 02,2021

COMEX Gold futures recovered yesterday amid good bargain buying as traders focused on US stimulus. The US President Joe Biden marked his first legislative win as the House of Representatives passed his $1.9 trillion coronavirus relief package on Saturday. This pushed up COMEX Gold near $1760 per ounce but firm cues from equities capped the upside. The metal pulled back thereafter and currently trades at $1720 per ounce, testing fresh eight month low. MCX Gold futures hit highs above Rs 46100 per 10 grams mark yesterday and eased sharply. The counter fell under Rs 45K today.

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