Precious Metals Preview: Gold Consolidates Around $1800 Mark

9 Aug 2022 , 12:56 PM

COMEX Gold futures eased a bit from five week highs as markets reassessed the broad inflationary trends and also kept a watch on the mostly bullish cues from the global equities this week. The yellow metal currently trades down 0.21% at $1801 per ounce. Meanwhile, the FAO Food Price Index (FFPI) averaged 140.9 points in July 2022, down 13.3 points (8.6 percent) from June, marking the fourth consecutive monthly decline. Nevertheless, it remained 16.4 points (13.1 percent) above its value in the corresponding month last year. The July decline was the steepest monthly fall in the value of the index since October 2008, led by significant drops in vegetable oil and cereal indices, while those of sugar, dairy and meat also fell but to a lesser extent. The focus has shifted to the upcoming US inflation data now. Powered by Commodity Insights