Gold Back Above $1700 Level

Published on Mar 10, 2021 12:13

Gold continued to behave like a risk asset, extending an upmove from ten month low and breaking above $1700 per ounce as equities edged up in the US. The shiny metal also looked at bright demand prospects from India. The Organisation for Economic Co-operation and Development (OECD) on Tuesday forecast India`s GDP grow at 12.6% in FY22, the highest among G20 countries. This is likely to feed into elevated consumer spending and might lead to a surge in Gold purchases as local spot prices tanked near Rs 44000 per 10 grams, witnessing a near 20% correction from their all-time highs a few months back. COMEX Gold spiked more than 2% to approach highs of $1710 per ounce. The metal eased a little in Asia today as firm US dollar capped commodities.