COMEX Gold Hovers Around $1800 Mark As Three Week Highs Cap Upside

Published on Jul 08, 2021 12:35

COMEX Gold futures consolidated above $1800 per ounce in last session as good buying stayed in place following a rally to three week high in the metal on Tuesday. Sentiments are largely supported amid slack undertone in the US treasury yields and traders reassessed their view regarding the US Fed monetary policy outlook after the minutes of the Federal Reserve`s latest monetary policy meeting. The minutes suggested that the central bank will not be in a hurry to begin scaling back its asset purchase program. This suited Gold. Meanwhile, more than four million people have now died from Covid-19, the WHO said on Wednesday. The world is at a perilous point in this pandemic, stated WHO chief Tedros Adhanom Ghebreyesus, calling the four million figure an underestimate of the true toll. New outbreaks have forced lockdowns in Vietnam, Myanmar and Australia. Gold eased a little in Asia today and currently trades down 0.17% at $1798 per ounce.