Gold locked in tight movement around $2320 per ounce

Published on May 09, 2024 13:02

COMEX Gold futures are witnessing tight movement, consolidating around $2320 per ounce mark as steady cues from equities are capping the upside. However, the overall outlook is supportive for the metal. According to a latest update from World Gold Council (WGC), Gold hit new all-time highs in April but pulled back by month-end. Chinese buying and central banks appear to be major drivers of support. WGC says that looking forward the rates are set to remain unchanged for longer with �no landing� more probable but stagflation risks are on the rise as growth looks fragile while inflation remains problematic. MCX Gold futures are trading at Rs 71070 per 10 grams, down marginally on the day after hitting a high of around Rs 71260 per 10 grams.