Gold Back Above $1800 Mark, US Producer Price Inflation Data In Focus

9 Dec 2022 , 01:04 PM

COMEX Gold futures are back above $1800 per ounce as good buying support continues to boost the metal amid sustained losses in the US dollar. The commodity is currently quoting at $1807 per ounce, up 0.35% on the day. The metal had hit a five month high of $1822 per ounce earlier this week before a wave of profit selling hurt pulled it lower. There are lingering worries over the Russia-Ukraine war and traders are also eying further insights on the US inflationary front. The US Labor Department will release the producer price inflation data for November tonight and Gold will likely stay supported ahead of it. Meanwhile, the US dollar index has slipped under 105 mark and is offering a good support to Gold. Dollar index is witnessing sustained selling pressure and is not far from its recent multi month low. The index is quoting at 104.59, down 0.16% on the day and testing one week low.Powered by Commodity Insights