Gold Bounces After Testing Near $1800 Per Ounce

Published on Sep 01, 2021 11:05

COMEX Gold slipped in last session, extending a drop from three-week highs as profit selling weighed on the metal, taking it near $1800 per ounce. However, decent buying support emerged in the counter thereafter as the US equities showed lack of direction and traders eyed sustained weakness in the US dollar index. COMEX Gold currently quotes at $1815 per ounce, almost unchanged on the day. Meanwhile, India`s economy saw a record growth in the three months to June, largely due to extremely low base in the same period last year when the coronavirus pandemic and resultant lockdowns hurt economic activity. Gross domestic product grew 20.1% year-on-year in the April to June quarter versus a 24.4% contraction in the same period of the fiscal year 2020-21, preliminary estimates from the statistics ministry showed Tuesday. The quarterly gross value added also jumped 18.8% year-on-year versus a 22.4% drop in the same quarter last year.