Gold Carves Out Steady Gains, MCX Futures Back Above Rs 47K

Gold Carves Out Steady Gains, MCX Futures Back Above Rs 47K

May 03, 2021 05:05 IST capital market

COMEX Gold futures saw steady buying today after a moderate drop in the last session. The China Gold Association reported that Chinas gold consumption in the first quarter spiked around 94% from the same period the previous year to 288.2 tonnes (t). China, the worlds leading gold consumer, saw consumer demand in the first quarter of 2021 rise to 286.4t from the previous quarter. The metal swung higher amid this news with a generally supportive undertone in commodities also benefitting the COMEX Gold futures. The counter currently trades up 0.70% at $1780 per ounce. MCX Gold futures are trading at Rs 47021 per 10 grams, up 0.61% on the day. Retail demand in local market remains in a fix over last few days on accelerated surge in Covid-19 cases and rallies above Rs 47K could see some selling pressure returning in the metal.

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