Precious Metals Preview: Gold Soars On US Inflation Data

11 Feb 2022 , 09:03 AM

MCX Gold surged near Rs 49000 per 10 grams yesterday and closed with a good gain of 0.63% on the day as the COMEX Gold futures stayed supported amid red hot US inflation. The annual rate of US consumer price growth accelerated more than expected in the month of January, the Labor Department revealed in a highly anticipated report on Thursday. The report showed consumer prices in January were up by 7.5% compared to the same month a year ago, reflecting the fastest annual growth since February of 1982. Gold hit near a two week high of $1843 per ounce before correcting as a surge in the US treasury yields weighed on the metal. The commodity currently trades at $1826 per ounce, down marginally on the day.

Powered by Commodity Insights