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Commodity News

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(14 Feb 2024, 09:08)

Precious Metals Preview: COMEX Gold Slips To 2-Month Low; On the Brink of Breaking Below $2k Mark


COMEX Gold fell further to hit a fresh two month low on Wednesday morning in Asia amid sharp gains in US treasury yields and greenback overseas following higher than expected US inflation figures. US Consumer Price Index (CPI) inflation eased to 3.1% on annual basis in January from 3.4% in December, but above market consensus of 2.9%. On a monthly basis, the headline CPI increased 0.3% in January after rising 0.2% in December. The Core CPI, which excludes food and energy, rose 0.4% in January from a 0.3% increase in December. US benchmark treasury yields were hovering at 4.31% while dollar index was at 104.73. The yellow metal melted to a two month low and was attempting to stay afloat $2000 mark. Currently, the counter is quoting at $2004.60 an ounce, down 0.11% on the day.

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