Gold Stays Supported On Dovish Stance From Fed

Published on Aug 30, 2021 12:27

COMEX Gold surged as traders focused on a patient US Fed. The futures broke above $1800 per ounce mark and hit a three week high of $1820 per ounce. Meanwhile, the World Gold Council (WGC), stated in a latest update that economic conditions are improving, but inflation and rates expectations are increasing with some commodity supply shortages, which are likely to support commodity performance. Reinforced by increased investor appetite for commodity allocations, broad-based commodity investments can be used as a source of returns and diversification. But the benefits tend to be tactical. The US dollar index tumbled amid soaring risk appetite and triggered good traction in Gold. The local retail markets are witnessing cautious movement though overall enthusiasm in consumer spending is visibly supporting the commodity in local markets.