Gold slides near $1800 per ounce in Asian trades

July 14,2020

COMEX Gold futures continued to move in tune with the equities. The metal stayed elevated at the start of new week yesterday as lows near $1800 per ounce provided good support to the commodity. However, the commodity eased in the US session as DOW slipped from intraday highs and the tech heavy Nasdaq saw a heavy slide. Asian equities also pulled back and Gold fell further in tune with them today. The yellow metal currently trades at $1803 per ounce, down 0.60% on the day. COMEX Gold futures eased last week as a drop from nine year highs continued. There are lingering worries over the Indian retail demand as the spot prices have approached Rs 49000 per 10 gram mark and major cities still remain partially locked down, curtailing the regular flow of commercial activities to a large extent.

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