COMEX Gold Consolidates Just Above $1730 Per Ounce

Published on Apr 06, 2021 12:06

COMEX Gold futures saw a choppy movement yesterday as strength in US equities capped major upside in the metal. The US stocks extended their solid run on upbeat labour market cues. The Dow and the S&P 500 have reached new record intraday highs. Traders also kept an eye on soaring Indian Covid-19 cases which hit a fresh daily high above 100000 on Sunday. This can keep retail Gold purchases under check in near term. COMEX Gold futures consolidated just above $1730 per ounce in Asia today.

Meanwhile, the US Treasury Secretary Janet Yellen said on Monday that she is working with G20 countries to agree on a global corporate minimum tax rate. In prepared remarks to the Chicago Council on Global Affairs, Yellen said she also would use her participation in International Monetary Fund and World Bank annual meetings this week to advance discussions on climate change, improve vaccine access and encourage countries to support a strong global recovery. In a key statement for Gold, she noted that the US President Joe Biden`s latest infrastructure spending plan is unlikely to cause inflationary pressures. This weighed on Gold after recent upmove in the metal pushed it near one week high.