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Gold Garners Good Buying Support

01-Jun-20 15:01 Hrs IST

COMEX Gold saw excellent gains last week amid nervous movement in world stocks owing to escalation in US-China tensions. Worries over US's response to China tightening control over the city of Hong Kong boosted the metal as it edged up from a three week low. Meanwhile, curfews were imposed on major US cities as clashes over police brutality were seen across America. Los Angeles, Chicago and Atlanta were among two dozen cities ordering people to stay indoors and thousands of protesters hit the streets demanding tougher murder charges and more arrests over the death of an unarmed black man George Floyd. Rising equities did not weigh on the metal and the prices jumped nearly 2% in last session, hitting around ten days high. An utterly weak undertone in the US dollar also benefited Gold. The US Dollar index fell to a two and half month low of 97.93 in last session amid rising risk appetite. COMEX Gold futures ended around ten day high at 1751 per ounce in the last session.