Gold gets going after testing two week low

Published on Oct 17, 2022 14:35

COMEX Gold futures moved up today after the recent tumble to two week low as a slightly weak undertone in the US dollar index and positive outlook on near term Indian demand boosted the sentiments. The shiny metal is expected to see good demand ahead of Diwali as retail markets are witnessing excellent momentum. Meanwhile, the Indian government has cut the base import price on gold to $531 per 10 grams, from $533. The yellow metal currently quotes at $1659 per ounce, up 0.65% on the day. The local spot prices are hovering around Rs 50000 per 10 grams mark in local markets, enticing the consumers after rather tepid festive seasons over last two years due to Covid-19.