Gold Flips Under $1950 Per Ounce In Asia

Published on Sep 11, 2020 11:16

COMEX Gold futures soared to one and half week high of $1980 per ounce but fell thereafter as US dollar rose amid increasing risk aversion in the US trades. COMEX Gold tanked near $1950 per ounce mark and currently trades at $1946 per ounce, down 0.88% on the day. In a related news, the US producer price index rose 0.3% in August, moderating from a surge of 0.6% in July, according to the Labor Department. Year over year through August, the PPI fell 0.2% after dropping 0.4% in the 12 months through July. While inflation has ceased to be a factor for Gold recently, the lower monthly figure weighed on the metal. A heavy slide of nearly 3% in WTI Crude oil also played spoilsport for Gold.