Weekly Gold Review: COMEX Futures Test Six Week High

1 Jan 2022 , 02:11 PM

COMEX Gold rose to a six week high of $1830 per ounce at the yearend. MCX Gold ended just above Rs 48000 per 10 grams. The yellow metal has seen a wild ride last year and saw a near a 4% decline in annual terms which is its its biggest annual loss since 2015. The trading interest in the metal eased as a strong post-pandemic economic recovery and persistently high inflation prompted major central banks to tighten monetary settings earlier than anticipated. The Federal Reserve committed to end its bond-buying by March and signaled three 25 basis point interest rate hikes in 2022. The yellow metal is, however, well off the lows under $1700 per ounce seen in March 2021 and is currently holding around five week high.

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