COMEX Gold flips under $1940 per ounce to test two week low

Published on Sep 12, 2023 17:04

COMEX Gold futures slipped, testing a two week low near $1935 per ounce as market focused on the upcoming US inflation data. The metal edged up a bit thereafter but gains were capped following the recovery in the US dollar index today. The dollar index has rebounded from a one week low on ideas that US Fed will continue to keep interest rates at higher levels for longer time. Rising benchmark US treasury yields also kept the greenback supported. The COMEX Gold futures are currently quoting at $1935 per ounce, down 0.57% on the day, yet again approaching near two week low. Indian demand conditions remain fairy tepid due to the seasonal patterns. The spot Gold prices are hovering just under Rs 59000 per 10 grams, keeping a lid on retail buying.