Gold Approaches Near $1800 Per Ounce, Indian Economic Cues Turn Upbeat

2 Aug 2022 , 02:07 PM

COMEX Gold futures surged today, hitting one month high of almost $1800 per ounce as traders eyed a pick up in the Indian demand in coming festive season. The metal is also benefitting from a recent slide in the US dollar index. Indias economic cues are also turning upbeat with the latest manufacturing sector activity index hitting an eight-month high driven by a significant uptick in business orders. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers Index rose from 53.9 in June, to 56.4 in July, highlighting the strongest improvement in the health of the sector in eight months. The July PMI data pointed to an improvement in overall operating conditions for the 13th straight month. Powered by Commodity Insights