Gold holds near record high ahead of US inflation data
Published on Aug 30, 2024 14:40
COMEX Gold futures are consolidating around record highs near $2560 per ounce as overall sentiment is cautious ahead of a critical US inflation data update. There has been a recovery in the US dollar index from a multi month low and it currently hovers around 101 mark. The metal has shot up by around 3.30% this month following a spike of 5.7% in July, generally holding up well after breaking above its previous high of around $2100 per ounce. Retail demand in India is likely to gain strength over coming festive season and is likely to offer a good support to the local prices. The overall outlook for India�s consumption spending remains upbeat following a recent slide in inflation to five year low. Sustained rally in local equity markets to record highs could cap some investment flows into the yellow metal though.
Powered by Capital Market - Live News