GOLD FACES CONSISTENT SELLING PRESSURE AROUND ONE WEEK HIGH

Published on Feb 11, 2021 12:44

COMEX Gold futures saw rangebound action yesterday. The metal hit a one week high of $1856 per ounce before flipping back and currently trades at $1836 per ounce, down 0.36% on the day. A rather tepid US inflationary reading weighed on the metal. The US Labor Department said its consumer price index gained by 0.3% in January after edging up by a revised 0.2% in December. The consumer price growth was primarily due to the continued jump in gasoline prices, which soared by 7.4% in January after surging up by 5.2% in December. Excluding food and energy prices, core consumer prices came in unchanged for the second consecutive month. Gold also eyed a mostly supportive movement in global equities which has been keeping the overall upside limited in the metal recently.