Precious Metals Preview: Gold Approaches $1830 Mark

13 Jan 2022 , 08:47 AM

COMEX Gold futures continued to soar above $1800 per ounce as a tumble in the US dollar pushed up all commodities. Inflationary worries also boosted the meta. The Labor Department on Wednesday showed the annual rate of US consumer price growth once again reached the highest level in almost 40 years in December. The report showed the annual rate of consumer price growth surged to 7% in December from 6.8% in November.

The US dollar index fell under 95 mark to test a three-month low. Gold eyed a strong Indian economic outlook too. The World Bank has noted that Indias economic growth is expected to be 8.3% in the current financial year and 8.7% in 2022-23. The 8.3% estimate for the current fiscal is the same as what was projected by the World Bank in its last projection released in October 2021 even as it cut the global economic growth forecast. COMEX Gold hit a one week high near $1830 per ounce on these cues. MCX Gold futures also spiked above Rs 47800 per 10 grams mark.

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