COMEX Gold Holds Just Above $2040 Per Ounce

Published on Feb 27, 2024 12:59

Gold eased yesterday amid mixed cues from the US dollar and mild profit selling pressure. COMEX Gold futures eased around half a percent as a decline from highest mark in one and half weeks sustained on Monday. The counter currently trades at $2043 per ounce, up 0.25% on the day but looks choppy ahead of a critical US inflation reading this week. COMEX Gold consolidated gains after recovering from a two month low last week as weakness in the US dollar boosted the yellow metal and pushed the prices to $2050 per ounce. However, diminishing prospects of an early Federal rate cut after US consumer and producer prices increased more than expected in January could weigh on the yellow metal in near term. A record run in US equities led by tech shares also seems to be capping gains in Gold.