Weekly Gold Review: COMEX Gold Stays In Winning Mode As Dollar Dips

15 Jan 2022 , 01:09 PM

COMEX Gold futures consolidated after hitting around one week high near $1830 per ounce. Gold remains broadly supported on sliding US dollar. The US Dollar Index broke well under 95 mark, extending recent losses and nearing three month low. Bitcoin is witnessing consistent selling pressure after testing around three month low mark and is keeping Gold supported. The World Gold Council (WGC), in its Gold Outlook 2022, stated that despite potential rate hikes, real rates remain low. Gold may face similar dynamics in 2022 to those of last year, as competing forces support and curtail its performance. WGC says that while rate hikes can create headwinds for gold, history shows their effect may be limited. Meanwhile, Indias Gold imports came in at Rs 35647 crores in December 2021, recording a rise of around 8% compared to December 2020. Gold imports in April-December 2021 jumped by 127% compared to April-December 2020. MCX Gold futures edged up near Rs 48000 per 10 grams following firm global cues though appreciating Indian Rupee capped the upside somewhat.

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