Weekly Gold Review: Indian Import Remains Robust, Traders Eye Dollar Trend

18 Jun 2022 , 12:19 PM

Gold pulled back from a one-month high as broad dollar gains weighed on the metal. Gold prices surged after data showed a bigger than expected increase in U.S. consumer price inflation that triggered a sell-off in equity markets and boosted the demand for the safe-haven commodity. Gold futures for August climbed near $1880 an ounce but eased back. Consumer prices in the U.S. shot up by more than expected 1.0 percent in May after rising by 0.3 percent in April. Gold pulled back as a recovery in dollar shuns appeal for the yellow metal. However, damp US treasury yields trading at its lowest level in almost a week is likely to drag down dollar that could support gold. MCX Gold saw volatile moves and held up above Rs 50000 per 10 grams mark as the Indian Rupee hit record lows. Indias Gold imports came in at Rs 46591 crores in May 2022, jumping 838% compared to May 2021. Gold imports in April-May FY23 rose by 16% compared to same period in previous fiscal. Silver imports came in at Rs 3450 crore in May 2022, up by 2960% compared to May 2021. Silver imports in April-May FY23 surged around 2000% compared to same period in last fiscal.Powered by Commodity Insights