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Gold stable at three week low ahead of US inflation data As on : 10-Oct-24  14:54

COMEX gold continues to linger near a three-week low but some stability emerged in the counter ahead of upcoming US consumer prices data. Gold has been under pressure recently on falling expectations of an aggressive rate cut by Fed and a spike in the US treasury yields. Gold has lost around 1.20% this month following a more than 5% spike in September as it hit record highs above $2700 per ounce. The geopolitical scenario remains cautious and Gold is likely to stay broadly supported after recent correction. Israel's defense minister has warned that his country's retaliation for a recent Iranian missile attack will be lethal. Gold should find this supportive. The metal currently trades at $2630 per ounce, up 0.17% on the day.

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