COMEX Gold Near Three Week High Amid Tepid Treasury Yields

Published on Dec 26, 2023 14:12

COMEX Gold futures are holding onto their recent gains as tepid US treasury yields and a sustained weakness in the US dollar index are keeping the metal supported. Overall mood remains very lax though as yearend holidays keep traders away from the markets. The US dollar index slipped to five month low near 101 mark on Friday following release of a highly anticipated report released by the Commerce Department. The report said the annual rate of consumer price growth decelerated to 2.6 percent in November from a downwardly revised 2.9 percent in October. The annual rate of growth by core consumer prices, which exclude food and energy prices, also eased to 3.2 percent in November from a downwardly revised 3.4 percent in October. COMEX Gold futures are quoting at $2074 per ounce, up 0.28% on the day. These are the highest levels in last three weeks.