COMEX Gold extended gains above $1800 per ounce on global economic growth worries. Global economic growth will dip sharply from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023, according to the World Banks Global Economic Prospects Report, released on Tuesday. The global recovery is set to decelerate amid continued COVID-19 flare-ups, diminished policy support, and lingering supply bottlenecks. The outlook is clouded by various downside risks, including new virus variants, unanchored inflation expectations, and financial stress. This boosted Gold more than 1% even as the US Fed Chief Jerome Powell highlighted the Feds concerns about inflation and noted that central bank was likely to raise interest rates this year. COMEX Gold currently trades at $1820 per ounce, up 013% on the day.
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