COMEX Gold Slips Under $1800 Mark In Asia

Published on Jul 22, 2021 11:23

COMEX Gold futures stayed supported in choppy trades in last session. The metal is consolidating around $1800 per ounce amid hopes of rising Indian demand. Asian Development Bank (ADB) stated in a latest update this week that India`s GDP growth recovered to 1.6% in Q4 of fiscal year 2020 (FY2020, ended 31 March 2021), narrowing contraction in the whole fiscal year from 8.0% estimated in April to a revised 7.3%. New COVID-19 cases daily peaked at more than 400,000 in early May, then fell to a little over 40,000 in early July. Early indicators show economic activity resuming quickly after containment measures eased. The growth projection for FY2021, downgraded from 11.0% in ADO 2021 to 10.0%, reflects large base effects. The projection for FY2022, by which time much of India`s population is expected to be vaccinated, is upgraded from 7.0% to 7.5% as economic activity normalizes. The yellow metal failed to see much gains though as the US equities edged up further and capped upside in Gold. COMEX Gold currently trades down 0.27% at $1798 per ounce.