Other Markets - Bullion Markets
Gold off record highs but remains broadly supported As on : 16-Aug-24  13:08

COMEX Gold futures are witnessing some consolidation after recent surge to record highs. The metal is hovering just under $2500 per ounce as some selling is emerging following a surge in the US dollar index yesterday. Gold is currently trading at $2490 per ounce, down marginally on the day. However, broad undertone remains supportive for the metal amid sustained worries on the US economic front. The Atlanta Fed lowered the third quarter growth projection for the U.S. economy on Thursday. The US Real gross domestic product seasonally adjusted annual growth estimate, based on the Atlanta Fed's GDPNow model, was cut to 2.4% from 2.9% projected on August 8. Geopolitical scenario also remains constructive for Gold with Ukraine conducting its largest incursion into Russian territory since the war began in February 2022. Sustained tensions between Iran and Israel in last few days are also boosting Gold. MCX Gold futures are trading at Rs 70378 per 10 grams, up 0.35% on the day amid largely steady moves.

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