Gold hold just above $2050 mark

Published on Dec 20, 2023 14:22

COMEX Gold futures are witnessing tight moves, holding just above $2050 per ounce as slightly weak undertone in the US dollar is keeping sentiments supported for the commodity while the $2060 per ounce mark is capping the upside. Gold witnessed a fantastic spike last week, breaking above $2000 per ounce mark in style as US Federal Reserve`s decision to maintain interest rates and signal about potential rate reductions in 2024 boosted the commodity. Indian import trends remained supportive. India`s Gold imports stood at Rs 28697 crore in value terms in November 2023, up 8.17% compared to November 2022. Gold imports in April-October 2023 rose by 26.05% compared to same period last year.