COMEX Gold hits three and half week high

Published on Dec 27, 2023 13:22

COMEX Gold futures are holding steady, consolidating in a tight range. The metal has been well supported this week in choppy trades as tepid US treasury yields and a sustained weakness in the US dollar index are keeping the metal supported. The US dollar index lingers around five month low of 101 mark following release of a highly anticipated report released by the Commerce Department. The report said the annual rate of consumer price growth decelerated to 2.6 percent in November from a downwardly revised 2.9 percent in October. The annual rate of growth by core consumer prices, which exclude food and energy prices, also eased to 3.2 percent in November from a downwardly revised 3.4 percent in October. Geopolitical scenario remains cautious, keeping overall undertone positive for Gold and COMEX Gold futures are quoting at $2077 per ounce, up 0.30% on the day. These are the highest levels in three and half weeks for the metal.