Gold Consolidates In Tight Range, MCX Futures Hold Above Rs 51K

6 Jun 2022 , 05:43 PM

Gold futures consolidated just under $1860 per ounce, moving in a tight range as supportive cues from weak US dollar were countered by latest trends in global inflation. The global food prices may be coming down from their March-April peak. According to the UN Food and Agriculture Organisation (FAO), the food price index has fallen for a second consecutive month to 157.4 points in May. The index had hit a record of 159.7 points in March and 158.3 points in April. However, overall inflationary expectations are still holding high with the WTI Crude oil prices lingering around $120 per barrel mark. The COMEX Gold futures are trading at $1857 per ounce, up 0.36% on the day. MCX Gold futures are trading at Rs 51062 per 10 grams, up 0.18% on the day.Powered by Commodity Insights