Weekly Gold Review: COMEX futures bounce from seven-month low

COMEX Gold futures are trying to stabilize after falling to around seven-month lows as US dollar index eased a little after recent surge. Gold edged up, breaking above $4100 per ounce as the $4000 per ounce mark seems to be offering steady support to the counter. The metal still lost around 3% for the week. The near-term movement will depend upon the trends in the US dollar index which is holding just under 13-month high. An unexpectedly hawkish Fed meeting chaired by Kevin Warsh boosted expectations for a year-end interest rate hike, contributing to downside in the yellow metal. Indian monsoon rainfall trends will also be critical for shaping up the rural demand trends in India over coming months. MCX Gold futures tanked near Rs 140000 per 10 grams and edged up to end above Rs 144000 per 10 grams.

Powered by Commodity Insights