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COMEX Gold Hovers Around $1800 Per Ounce

Published on Jul 07, 2021 14:36

COMEX Gold futures spiked to two and half week high of $1815 per ounce on excellent buying support as traders eyed lax movement in US treasury yields and firm exchange trades fund demand. The Gold exchange traded fund buying remains supportive. World Gold Council (WGC) stated in a latest update that following a higher level of monthly net purchases in March and April, our latest data shows that this trend continued into May. Central banks net purchases totalled around 57 tonnes during the month, the WGC noted in a latest update. The retail Gold buying in India is also likely to see some traction after curbs to combat the second wave of the coronavirus were relaxed in major states. Pent up buying will support the metal as weddings have been postponed given the severe second wave of Covid-19 which hit the country in April-May. Gold eased after this spurt and currently trades up 0.30% at $1798 per ounce.

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