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COMEX Gold softens after hitting one month high
17-May-2024, 12:57
COMEX Gold futures eased yesterday after hitting a one month high just above $2400 per ounce and witnessed mild gains today. Gold currently trades at $2390 per ounce, up marginally on the day. The Gold demand trend in India remains firm despite the recent surge in prices. The yellow metal is also eying a sustained drop in the US treasury yields and a generally uncertain geopolitical backdrop is also keeping it elevated. Gold had dropped under $2300 per ounce at the start of this month but there has been a very good recovery in the metal thereafter. A pick up in the US dollar index could weigh on the metal today and US equities hitting record high could also take some shine off it.
COMEX Gold futures eased yesterday after hitting a one month high just above $2400 per ounce and witnessed mild gains today. Gold currently trades at $2390 per ounce, up marginally on the day. The Gold demand trend in India remains firm despite the recent surge in prices. The yellow metal is also eying a sustained drop in the US treasury yields and a generally uncertain geopolitical backdrop is also keeping it elevated. Gold had dropped under $2300 per ounce at the start of this month but there has been a very good recovery in the metal thereafter. A pick up in the US dollar index could weigh on the metal today and US equities hitting record high could also take some shine off it.
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