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Gold futures finish above $1900 key resistance on Wednesday

27 May 2021 Evaluate
Gold futures finished higher on Wednesday, breaking the key resistance of $1900 for the first time since early January amid expectations of continued dovish stance by Federal Reserve and on safe haven appeal of the bullion amid accelerating new covid cases, lockdowns and other restrictions to contain the pandemics. Moreover, mounting inflationary concerns also lifted the hedge appeal of the precious metal. Though, rebound in dollar limited further gains.

Gold futures for June jumped by 0.2% or $3.20 to settle at $1,901.20 an ounce on the Comex division of the New York Mercantile. However, spot gold was 0.3% lower at $1,893.20 per ounce.