COMEX Gold Rebound Above $1900 Per Ounce

Published on May 31, 2021 13:10

COMEX Gold saw good recovery in last session, recovering from a low of $1880 per ounce to bounce above $1900 per ounce mark as market eyed US inflationary trends and continued government spending. The US commerce department`s core personal consumption expenditure index, which strips out volatile food and energy costs, rose 3.1% in April compared with a year ago. The surge represents a sharp increase compared with the 1.9% annual rise in March. This boosted the metal near its recent five month high mark. Sentiments were also supported due to consistent drop in Indian fresh daily Covid-19 cases as major states indicated that the peak in cases are already past and looked inclined to lift some of the lockdown like restrictions. Retail demand in India could be still in a fix given the recent surge in spot prices near Rs 49K.