Gold Bounces After Testing Seven Month Low

March 01,2021

Gold rose today after recent string of losses. The metal fell sharply last week as a slide under $1800 per ounce triggered hefty selling amid a sharp spurt in US treasury yields. Gold has been losing in last few days as easing global Covid-19 concerns kept the demand limited for the metal. The World Health Organization (WHO) stated in a latest update that the number of new coronavirus cases continues to fall globally, though variants of the virus have spread to more than 100 countries and territories. The DOW hit another record as US Fed Chair Jerome Powell continued to provide with dovish cues regarding the US interest rates but continued to witness intense volatility. COMEX Gold tanked near a seven month low around $1720 per ounce. The World Gold Council (WGC) noted in a latest update that the Indian government's sustained campaign for improving overall tax compliance through a carrot-and-stick policy was reflected again in the 2021-2022 Union Budget, with a few material announcements that impact gold. This pushed up the prices amid good bargain buying today and the counter currently trades up 1.30% at $1750 per ounce.

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