COMEX Gold softens after hitting one month high

Published on May 17, 2024 12:57

COMEX Gold futures eased yesterday after hitting a one month high just above $2400 per ounce and witnessed mild gains today. Gold currently trades at $2390 per ounce, up marginally on the day. The Gold demand trend in India remains firm despite the recent surge in prices. The yellow metal is also eying a sustained drop in the US treasury yields and a generally uncertain geopolitical backdrop is also keeping it elevated. Gold had dropped under $2300 per ounce at the start of this month but there has been a very good recovery in the metal thereafter. A pick up in the US dollar index could weigh on the metal today and US equities hitting record high could also take some shine off it.