COMEX Gold sees modest losses

Published on Jun 04, 2024 13:23

COMEX Gold futures slipped today after witnessing good gains in last session. The US dollar index fell to two and half month low, boosting Gold nearly 1%. The US currency fell amid expectations of weak US growth amid easing inflationary trends. The Atlanta Fed lowered the growth estimate for the second quarter on Monday citing recent economic data. The GDPNow model estimate for seasonally adjusted annual real GDP growth in the second quarter was cut to 1.8 percent from 2.7 percent projected on May 31. This propped up Gold but a deep slide in WTI Crude oil futures prevented the metal from recording hefty gains and the metal currently quotes at $2362 per ounce, down 0.28% on the day. MCX Gold futures are trading in green though, pushing up on heavy losses in INR. MCX Gold futures are trading at Rs 72300 per 10 grams, up marginally on the day.