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COMEX Gold Hovers Around Two Month High

Published on Nov 10, 2021 13:35

COMEX Gold held up around its two-month high as a slightly tepid US inflationary reading and firm Indian demand hopes kept buying in place. The Labor Department said its producer price index for final demand advanced by 0.6% in October after climbing by 0.5% in September. Core producer prices, which exclude prices for food, energy, and trade services, rose by 0.4% in October after inching up by 0.1% in September. Compared to the same month a year ago, producer prices in October were up by 8.6%, unchanged from the previous month. A record high run for Bitcoin did not affect Gold much as traders rather choose to focus on Indian demand trends. India`s daily new cases fell to near 10000 mark - lowest in around nine months. The current recovery rate in the country is 98.25%, which is highest since March 2020.

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