Gold Holds Just Under Two Week High

Published on Jul 30, 2021 11:43

COMEX Gold futures jumped in last session, rallying near two week high of $1832 per ounce as the US dollar index toppled and commodities rallied. The yellow metal moved up after falling under $1800 per ounce mark earlier in the week. The US dollar index fell to one month low under 92, keeping commodities well supported. Meanwhile, Indian Gold bar and coin investment in Q2 increased 7% y-o-y, largely due to the low Q2 2020 base. But after surging in Q1, demand saw a q-o-q decline of 44% to 21t, taking the H1 total to 58.6t. Although that is 23% higher than H1 2020, it is low in historical terms - 25% below H1 2019 and 20% below the H1 average from 2015-2019. COMEX Gold stayed elevated despite this data, indicating that Indian demand is not a major factor for the metal right now. The commodity currently trades marginally lower at $1827 per ounce.