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COMEX Gold Sees Sideways Action

Published on Oct 22, 2021 09:07

Gold saw tight action but a recovery in US dollar from one month low capped the upside in metal as prices fell near $1780 per ounce. Indian demand outlook remains bright though, supporting prices at lower end. The metal currently trades up 0.39% at $1788 per ounce. The Indian economy is poised to grow by 10.5% or more in FY`22 despite several supply side constraints on the back of strengthened recovery in the July-September period and jump in exports, NITI Aayog vice chairman Rajiv Kumar said. The festive season is getting into its peak and will make it clear about the endurance of local demand as spot prices linger above Rs 47000 per 10 grams.

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