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COMEX Gold Up Around Half Percent

Published on Dec 01, 2021 15:25

COMEX Gold futures stayed supported after recent losses as traders eyed a robust Indian demand outlook and uncertainty over the Omicron variant of Covid-19. Worries over tight US monetary policy took a toll on the metal last night, taking it to a three week low of $1770 per ounce. The metal currently trades up 0.48% at $1783 per ounce. The Indian economy grew at healthy rate of 8.4% in July-September, the second quarter of financial year 2021-22, data released Tuesday by the National Statistical Office showed. This is better than the RBI estimate of 7.9%. In absolute terms, the GDP at constant prices at Rs 35.73 lakh crore was 0.33% higher than the pre-pandemic levels of Q2, 2019-20, indicating the economy has recovered the ground lost due to Covid-19. Barring construction, all industry segments posted a higher output level than Q2, 2019-20.

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