Gold Holds Around $1760 Mark, Indian Demand Hopes Support Sentiments

Published on Oct 08, 2021 16:54

Gold saw choppy moves though overall sentiment was supported amid falling Covid-19 cases in India. The festive season also kicked off and overall undertone on the economic front remained optimistic. The latest round of FICCI`s Economic Outlook Survey has put forth an annual median GDP growth forecast for 2021-22 at 9.1%, marking a marginal improvement from the growth projection of 9.0% recorded in the previous survey round (July 2021). FICCI noted that economic recovery, post the second wave of the pandemic, seems to be holding ground and the same is also reflected in the incoming data on various high frequency indicators. The forthcoming festive season should support this momentum, the report stated. The yellow metal consolidated around $1760 per ounce mark on these cues despite soaring US treasury yields.