COMEX Gold Lingers Just Under $1900 Per Ounce

Published on Jun 09, 2021 11:53

Gold saw sideway trades but overall sentiments were supported. Prices consolidated just under $1900 per ounce. Central banks continue to be positive on gold, with about the same number of central banks expected to buy gold compared with last year, the World Gold Council (WGC) said yesterday. In its 2021 Central Bank Gold Reserves (CBGR)` survey, the council noted that 21% of central banks intended to increase their gold reserves over the next 12 months.

However, Gold is facing sustained selling at elevated levels on lack of safe haven demand as Covid-19 scenario continues to see good improvement globally. The fresh Covid-19 cases for the week ended June 6 were the lowest since mid-March, at 3 million, according to data from Johns Hopkins. Weekly cases worldwide have been declining for six weeks now. The global toll is also easing, falling from a peak of over 92,000 a week at the end of April to less than 80,000 in the last week of May.