Gold hovers around $4000 mark, WGC highlights solid fundamentals for metal

COMEX Gold futures are hovering near $4000 per ounce, witnessing a tight movement as markets try to sustain above the key level following recent recovery. The metal currently trades at $4004 per ounce, up 0.35% on the day. The US dollar index is flat around 99.50 and there is a degree of concern in global risk appetite given the AI led boom in US tech stocks. Meanwhile, World Gold Council or WGC has stated in a latest update that a momentum flush-out and stronger dollar contributed to a see-saw for gold from its 50th all-time high. But gold still managed good gains in October. WGC noted that technical analysis points to a much-needed pause but no damage to gold?s trend, which remains supported by solid fundamentals.

Powered by Commodity Insights