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.