Gold Holds Above $1800 Per Ounce

Published on Jul 12, 2021 11:35

Gold slipped today on profit selling after recent recovery but holds above $1800 per ounce. COMEX Gold futures are currently trading down 0.53% at $1801 per ounce. COMEX Gold futures edged up on Friday with the metal adding decent gains on steady buying from the funds after the latest breach above the key $1800 per ounce. The metal has been in a good nick amid soaring global crude oil prices recently and traders are also focusing on prospects of a pickup in Indian retail demand as the Covid-19 curbs are relaxed and consumer spending comes back on track. However, rising US equities capped gains for the metal on Friday. The daily Covid-19 cases continue to stay in check and the Indian demand trends are likely to turn positive for Gold. With India`s story remaining very strong, the economy will register a double-digit growth in the current fiscal and the disinvestment climate also looks better, according to Niti Aayog Vice Chairman Rajiv Kumar.