GOLD LINGERS AROUND $2670 PER OUNCE

Published on Dec 16, 2024 14:53

COMEX Gold futures fell after hitting five week high last week amid firm US dollar and sustained selling pressure as the year end approached and investors refrained from initiating large scaled positions. The counter saw hefty losses and fell sharply, breaking well under $2700 per ounce mark and closing the week around $2660 per ounce. The metal currently trades down marginally at $2673 per ounce. Meanwhile, the World Gold Council or WGC stated in a latest update that Gold is poised for its best annual performance in more than a decade � up 28% through November. Behind this, central bank and investor buying have more than offset a notable deceleration in consumer demand. Asian investors have been a near constant presence, while lower yields and a weakening US dollar in Q3 fueled Western investment flows. However, it is gold�s role as a hedge amidst rising market volatility and geopolitical risk that most likely explains its remarkable performance. It opined that the market consensus of key macro variables such as GDP, yields and inflation � if taken at face value � suggests a positive but much more modest growth for gold in 2025. MCX Gold futures saw a swift decline after testing highs above Rs 79000 per 10 grams last week and currently linger at Rs 77062 per 10 grams, down 0.10% on the day.