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Commodity Mid Session News

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(18 Feb 2025, 14:35)

Gold rebounds from lows under $2900 per ounce

COMEX Gold futures are holding steady today after a substantial decline in last session as lows under $2900 per ounce mark offered good support to the metal. US dollar index edged up a bit from two month low but Gold benefited from continued global geopolitical worries and sustained investment demand. The metal currently trades at $2924 per ounce, up 0.83% on the day. The metal is up around 3% this month so far. The relations between the US and Eurozone appear to have been stretched owing to the Ukraine issue and this conflict has added another dimension to the volatile global-economic landscape. There has been a substantial outflow of Gold from the Bank of England, which holds one of the world’s largest gold reserves in recent times. This is keeping the metal well supported near record highs. On the MCX, Gold futures for April are quoting at Rs 85471 per 10 grams, up 0.49% on the day after hitting a high near Rs 85570 per 10 grams.
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