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COMEX Gold Sees Steady Action

Published on Jun 28, 2021 12:16

Gold futures saw steady moves in last session, lingering around $1780 per ounce amid continued drop in global Covid-19 cases and a cautious undertone on the Indian demand front. The economic think-tank National Council of Applied Economic Research or NCAER said that it expects the Indian economy to grow 8.4-10.1% for the current financial year as against a contraction of 7.3% in the last fiscal. However, these high growth rates are also a reflection of strong base effect since 2021-22: Q1 follows the very steep decline in 2020-21: Q1. At the end of 2021-22 GDP, on constant prices, would still be about the same as Rs 146 trillion (Rs 146 lakh crore) as in 2019-20. Gold futures ended at $$1781 per ounce, up 0.28% on the day. The US dollar index stayed mixed after breaking under 92 mark.

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