Gold wavers around $1840 per ounce mark

Published on Jun 21, 2022 16:55

COMEX Gold stays supported near $1840 an ounce tracking weakness in the US dollar ahead of Wednesday`s Fed Chair Jerome Powell`s Testimony. The dollar index, that measures the greenback against a basket of currencies is lingering near 104 levels. According to the data by the Department of Industry, Science, Energy and Resources of the Government of Australia (DISER), global gold supply to increase by 2.7% to 4,791 tonnes in 2022 compared to 2021, and then fall after 2022. In 2022, lower global gold scrap supply will be more than offset by higher gold mine production, the study found. DISER said that lower gold prices and improving economic situations of many households are likely to discourage the sale of gold jewellery, adding that as a result, gold scrap supply is forecast to fall by 2.0% to 1,127 tonnes in 2022.