COMEX Gold Off Three Month High

Published on May 12, 2021 12:52

COMEX Gold futures saw a choppy range yesterday as markets focused on the US consumer price index report to be released by the US Labor Department on Wednesday. Inflationary worries are already feeding into the various readings. China consumer prices were up 0.9% on year in April, the National Bureau of Statistics said on Tuesday, up from 0.4% in March. On a monthly basis, consumer prices fell 0.3% following the 0.5% decline in the previous month. China producer prices spiked 6.8% on year in April - up from the 4.4% increase a month earlier. With metals and agri commodities soaring alike, Gold has seen a good rally above $1800 per ounce, having already hit a three-month high near $1850 per ounce. The worries over Indian retail demand remain in place though. The metal slipped in Asia today and currently trades down 0.42% at $1828 per ounce.