Gold Steadies Around Two Month Top

Published on Jan 21, 2022 11:45

COMEX Gold futures steadied around two month highs near $1840 per ounce as a brief respite was seen in global equities after the latest bearish onslaught. The yellow metal stayed broadly supported though as sustained buying in crude oil prices and persistent inflationary worries capped downside for the commodity. The US dollar index is holding around 95.60 mark, not showing much of a movement. Local traders also tried to assess the physical market demand for the metal after the latest spike above Rs 48K. The World Gold Council (WGC) highlighted the bullish case for Gold in a latest update yesterday as it noted that Gold benefits from diverse sources of demand like investment, reserve asset, jewellery, and a technology component. The metal is highly liquid, no one`s liability, carries no credit risk, and is scarce, historically preserving its value over time, stated WGC.