Gold Hovers Around $1820 Per Ounce In Asia

Published on Jan 12, 2022 11:44

COMEX Gold extended gains above $1800 per ounce on global economic growth worries. Global economic growth will dip sharply from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023, according to the World Bank`s Global Economic Prospects Report, released on Tuesday. The global recovery is set to decelerate amid continued COVID-19 flare-ups, diminished policy support, and lingering supply bottlenecks. The outlook is clouded by various downside risks, including new virus variants, unanchored inflation expectations, and financial stress. This boosted Gold more than 1% even as the US Fed Chief Jerome Powell highlighted the Fed`s concerns about inflation and noted that central bank was likely to raise interest rates this year. COMEX Gold currently trades at $1820 per ounce, up 013% on the day.