COMEX Gold recovers after falling near $2030 per ounce in last session

Published on Feb 29, 2024 13:00

COMEX Gold futures rose today amid good buying support but stayed in range ahead of the key inflation data that could provide new insight into when the Federal Reserve cuts interest rates. The metal pulled back yesterday, nearing $2030 per ounce mark as strong US economic growth in the fourth quarter of 2023 capped the yellow metal. Gross domestic product increased at a 3.2% annualized rate, revised slightly downward from the previously reported 3.3% pace but still elevated given the record high interest rates. Gold was also held back due to soaring Bitcoin prices which topped $64000 mark. The leading cryptocurrency soared around 9% and recorded highest level in two and half years. However, Gold traders looked at the relative softness in the US dollar index and the metal pushed up steadily. The counter currently trades at $2040 per ounce, up 0.12% on the day. The counter has been flat this month, down marginally by 1% with the overall range being $2080-1996 per ounce.