09-Jan-2025      15:05

Gold hovers around three week top

COMEX Gold futures are hovering around three week high today. The metal has edged up in last few days amid decent buying as $2600 per ounce managed to act as a good support. However, soaring US treasury yields and firm US dollar are capping the gains. The metal currently trades at $2680 per ounce, up 0.30% on the day. World Gold Council or WGC stated yesterday that Gold gave back less than expected in December given a strong dollar and profit-taking, as a positive outlook and higher risk constrained outflows. Uncertainty in bond markets is likely to fuel interest in gold in January; however technical signals pose a near-term headwind for gold.

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