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Weekly Gold Review: COMEX Futures Hits One Month High, Local Futures Break Above Rs 51K

30 Jul 2022 , 01:39 PM

COMEX Gold futures soared amid weakness in the US dollar, hitting one month high above $1780 per ounce. The dollar index eased near a week low around 106, tracking lower treasury yields following Fed rate decision. The Federal Reserve announced its decision to raise interest rates by 75 basis points. The Fed said it decided to raise the target range for the federal funds rate to 2.25 to 2.50 percent in an effort to achieve its dual goals of maximum employment and inflation at a rate of 2 percent over the longer run. The World Gold Council or WGC noted in latest Gold demand trends update that world Gold demand (excluding OTC) was 8% lower y-o-y at 948t. However, demand for the first half of the year was up 12% to 2,189t. Gold ETFs gave back some of their strong Q1 gains. Global holdings fell by 39t during the quarter, following the 273t of Q1 inflows. Central banks continued to buy gold. Global official gold reserves grew by 180t in Q2, taking H1 net purchases to 270t. The Q2 gold jewellery consumption was 4% higher y-o-y. Despite the Q2 strength, global demand has yet to recover to typical pre-pandemic levels. Bar and coin investment was unchanged from Q221. A sharp drop in China was offset by growth in India, the Middle East and Turkey. Total Q2 gold supply rose 5% y-o-y. Mine production reached a H1 record, and recycling volumes were remained elevated. MCX Gold futures closed at Rs 51600 per 10 grams, edging up after the break above Rs 51K. Powered by Commodity Insights

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