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Commodity Mid Session News

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(21 Feb 2025, 13:06)

Gold slips from record highs, MCX futures hover just under Rs 86K

COMEX Gold futures fell from record lows today as the US dollar index found some stability after recent losses. The yellow metal has been in awesome form recently on continued global trade uncertainty and geopolitical worries. The counter currently trades down 0.32% at $2946 per ounce. MCX Gold futures are also down 0.23% at Rs 85825 per 10 grams as traders are trying to assess the impact of latest price surge on retail demand. A latest update from the World Gold Council or WGC shows that India’s gold jewellery demand has fallen for three consecutive years. It stood at 610 tonnes in 2021, dropped to 600 tonnes in 2022, dropped further to 575 tonnes in 2023, and is estimated to fall to 563 tonnes in 2024, marking a drop of 7% from 2022 levels.
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