Weekly Gold Review: COMEX Futures Supported After Recovery

7 May 2022 , 01:43 PM

COMEX Gold hit around one week high after a very sharp uptick from three month low. However, the highs around $1900 per ounce are capping the upside now. The US dollar eased overnight after the Fed sounded less hawkish on larger rate hikes going forward although it raised benchmark interest rates by 50 bps in yesterdays FOMC, the largest since 2000 as policymakers urgently tried to tamp down inflation. However, the US Fed Chair Jerome Powell emphasized the commitment to bringing inflation down, though he said a 75 basis points hike is ?not something the committee is actively considering.? The Gold traders continue to watch global geopolitical scenario nervously as NATO deputy secretary-general Mircea Geoana has reportedly stated that it could be years before the Ukraine war is over. This brings in a whole new dimension to the current state of war that has started a little more than two months ago. MCX Gold futures edged up from a low near Rs 50000 per 10 grams and edged up above Rs 51k.Powered by Commodity Insights