COMEX Gold futures are stabilizing after hitting record highs. Equities are up but broad safe-haven demand due to uncertainty around US tariff policies are keeping the metal elevated. The metal eased half a percent yesterday and currently quotes at $3235 per ounce, up 0.30% on the day. All time highs around $3260 per ounce seem to be capping the upmove for the metal for now. Meanwhile, global central banking demand remains firm for the metal despite massive spike in prices in recent months. According to the World Gold Council (WGC), in February, global central bank gold reserves increased by 24 tons. The leading buyer of the precious metal was Poland, which acquired 29 tons, marking its 11th consecutive month of net gold purchases. Following Poland were China (5 tons), Türkiye and Jordan (3 tons each), and Qatar and Czechia (2 tons each). Meanwhile, the Central Bank of Uzbekistan made a net sale of 12 tons of gold. Kazakhstan followed in second place, selling 8 tons of the precious metal. As global prices stabilize after strong gains in last week, MCX Gold is also witnessing similar moves. MCX Gold futures are currently trading flat at Rs 93200 per 10 grams. The upside being curbed due to firm Indian Rupee. INR currently quotes up 34 paise at 86.10 per US dollar.
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