COMEX Gold Sees Choppy Moves

Published on Nov 02, 2021 16:01

COMEX Gold futures saw a tight activity with record high US equities capping the upmove in the metal. The commodity currently trades down 0.18% at $1792 per ounce. The US dollar index holds around 94 mark and is keeping Gold under check. However, hopes of a good recovery in Indian demand during Diwali festivities is providing some support on the downside as well. The Gold market has been rather choppy after global demand picture turned downbeat last week. The World Gold Council (WGC) stated in its latest Gold Demand Trends update that global Gold demand fell 7% y-o-y to 831 tonnes (t) in Q3. Year-to-date, gold demand is 9% lower, according to WGC. A doubling of central bank buying and 50% growth in jewellery demand over the first three quarters only partly offset the decline in ETF demand. However, global Y-t-d demand remains notably weaker when compared with the same pre-pandemic period of 2019. MCX Gold futures are currently trading at Rs 47760 per 10 grams, down 0.30% on the day.