COMEX Gold Off One Week High

Published on Feb 08, 2022 17:38

COMEX Gold futures are witnessing some consolidation after a sharp upmove in last session. The yellow metal jumped on upbeat ETF flows data, bouncing to a one week high of $1824 per ounce though firm US dollar is capping the gains thereafter. The World Gold Council (WGC) stated yesterday that Global gold ETFs drew net inflows of 46.3 tonnes (US$2.7 billion, 1.3% of AUM) in January, led by North American funds - partially offsetting the region`s 2021 outflows. These combined with positive flows from Europe significantly outweighed Asian outflows. Overall, net inflows were driven largely by gold price strength and a sharp selloff in equity markets, despite a reversal in the gold price on the back of a hawkish US Fed statement towards the end of the month. COMEX Gold futures are currently trading slightly lower at $1819 per ounce.