Precious Metals Preview: MCX Gold Breaks Well Above Rs 48000 Per 10 Grams

9 Feb 2022 , 09:09 AM

COMEX Gold futures stayed well supported. The yellow metal jumped on upbeat ETF flows data, bouncing to a one and half week high of $1830 per ounce though firm US dollar is capping the gains thereafter. The World Gold Council (WGC) stated yesterday that Global gold ETFs drew net inflows of 46.3 tonnes (US$2.7 billion, 1.3% of AUM) in January, led by North American funds – partially offsetting the regions 2021 outflows. These combined with positive flows from Europe significantly outweighed Asian outflows. Overall, net inflows were driven largely by gold price strength and a sharp selloff in equity markets, despite a reversal in the gold price on the back of a hawkish US Fed statement towards the end of the month. COMEX Gold futures are currently trading slightly lower at $1819 per ounce. MCX Gold futures extended a break above Rs 48000 per 10 grams mark and closed with good gains around Rs 48430 per 10 grams.

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