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COMEX Gold futures consolidating around $2950 per ounce
24-Feb-2025, 01:18
COMEX Gold futures are consolidating around $2950 per ounce today, almost unchanged on the day. The yellow metal fell from record highs last week as the US dollar index found some stability after recent losses. The yellow metal has been in awesome form recently on continued global trade uncertainty and geopolitical worries. Local traders are trying to assess the impact of latest price surge on retail demand. A latest update from the World Gold Council or WGC shows that India's gold jewellery demand has fallen for three consecutive years. It stood at 610 tonnes in 2021, dropped to 600 tonnes in 2022, dropped further to 575 tonnes in 2023, and is estimated to fall to 563 tonnes in 2024, marking a drop of 7% from 2022 levels. MCX Gold futures are trading at Rs 86131 per 10 grams, up 0.18% on the day, holding above Rs 86k.
COMEX Gold futures are consolidating around $2950 per ounce today, almost unchanged on the day. The yellow metal fell from record highs last week as the US dollar index found some stability after recent losses. The yellow metal has been in awesome form recently on continued global trade uncertainty and geopolitical worries. Local traders are trying to assess the impact of latest price surge on retail demand. A latest update from the World Gold Council or WGC shows that India's gold jewellery demand has fallen for three consecutive years. It stood at 610 tonnes in 2021, dropped to 600 tonnes in 2022, dropped further to 575 tonnes in 2023, and is estimated to fall to 563 tonnes in 2024, marking a drop of 7% from 2022 levels. MCX Gold futures are trading at Rs 86131 per 10 grams, up 0.18% on the day, holding above Rs 86k.
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