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Commodity Mid Session News

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(11 Jul 2024, 13:00)

Gold Holds Around $2385 Per Ounce As Market Awaits US Inflation

COMEX Gold futures are consolidating in a range just under the $2400 per ounce mark. The metal has come off one month high this week but the overall mood remains supportive ahead of the critical US inflation reading. US dollar index remains dull and the comments from Fed Chief Jerome Powell continued to provide a cautious perspective towards the US interest rates trajectory. Gold currently trades up marginally around $2385 per ounce and global geopolitical backdrop is likely to keep it underpinned in near term. The Russia-Ukraine war is likely to be in the spotlight after first batch of United States-built F-16 fighter jets will be transferred to Ukraine, according to a statement from the Dutch and Danish governments that was released by the White House at the Nato summit. Russia had recently stepped up its strikes on Ukrainian air bases.
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