COMEX Gold futures saw excellent gains last week, holding onto recent rebound as the metal neared highest levels in three months amid weak US dollar and sustained positive outlook towards the precious commodity. COMEX Gold futures zoomed near $2800 per ounce mark. Gold jumped as US dollar index slipped following hopes of easy monetary policy. US President Donald Trump stated yesterday that he demanded that interest rates should be dropped immediately. This took a toll on the US dollar index as it continued to fall from around two year high. Dollar index slipped near 107 mark, testing five week low. MCX Gold soared amid these cues, hitting Rs 80000 per 10 grams mark. World Gold Council or WGC stated in a latest update that Gold is a highly liquid asset, which is no one’s liability, carries no credit risk, and is scarce, historically preserving its value over time. It also benefits from diverse sources of demand: as an investment, a reserve asset, gold jewellery, and a technology component. Gold has a key role as a strategic long-term investment and as a mainstay allocation in a well-diversified portfolio. Investors have been able to recognize much of gold’s value over time by maintaining a long-term allocation and taking advantage of its safe-haven status during periods of economic uncertainty. Gold is a highly liquid asset, which is no one’s liability, carries no credit risk, and is scarce, historically preserving its value over time.
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