Gold Stays Well Supported After Breaking Above $1800 Per Ounce Mark

Published on Nov 08, 2021 11:07

Gold jumped in volatile trades last week, spiking from a two week low to break above $1800 per ounce mark as excellent bargain buying and sustained safe haven demand due to resurgence of Covid-19 in China benefited the metal. The commodity closed at a two month high of $1820 per ounce. A good uptick in domestic economy is also expected to boost Indian retail Gold demand. The congressional passage of a long-delayed US $1 trillion infrastructure bill also pushed up the metal as increased government spending is expected to keep the US dollar index under check.