Gold Softens Under $1800 Per Ounce

Published on Aug 25, 2021 11:25

COMEX Gold futures eased in Asia after impressive gains in last session. The metal rose amid steady trades as the US dollar index slipped under 93 mark and Gold moved up in tandem with other commodities. The metal is staying well supported on hopes of rebound in Indian demand as the festive season approaches. India`s gross domestic product (GDP) is expected to grow at around 18.5% in the first quarter of the current financial year, SBI noted in its research report Ecowrap` The report expects gross value added (GVA) to be at 15% in Q1FY22. The corporate results announced so far indicate that there is a substantial recovery in corporate GVA EBIDTA (earnings before interest, taxes, depreciation, and amortisation) + employee cost) in Q1 FY22, it said. This basically reflects strength in consumer spending in India as the pandemic wears off. The commodity fell under $1800 mark in Asia today and currently trades down 0.69% at $1795 per ounce.