Gold Stays Lax

Published on Dec 10, 2021 18:16

Gold futures slipped today as a failure to see buying at higher levels weighed on the market. COMEX Gold futures hit a one week high of $1794 per ounce before easing in last session. The metal currently trades marginally up at $1778 per ounce. Losses were curbed for Gold after the WGC came up with an update on Indian Gold imports. Imports made up 86 per cent of India`s gold supply between 2016-2020, and inbound shipments continue to grow despite high import duty, as per a report by the World Gold Council (WGC). Since the first duty hike in 2012, India has imported some 6,581 tonnes of gold, averaging 730 tonnes per annum, according to WGC`s `Bullion Trade in India` report.