GOLD HOVERS AROUND THREE WEEK TOP

Published on Jan 09, 2025 15:05

COMEX Gold futures are hovering around three week high today. The metal has edged up in last few days amid decent buying as $2600 per ounce managed to act as a good support. However, soaring US treasury yields and firm US dollar are capping the gains. The metal currently trades at $2680 per ounce, up 0.30% on the day. World Gold Council or WGC stated yesterday that Gold gave back less than expected in December given a strong dollar and profit-taking, as a positive outlook and higher risk constrained outflows. Uncertainty in bond markets is likely to fuel interest in gold in January; however technical signals pose a near-term headwind for gold.