13-Jul-2024 14:23

COMEX Gold moderated after recording sharp gains as dollar index slumped after US data showed softer US consumer inflation figures, which lifted bets for a September interest rate cut by the Federal Reserve. Meanwhile, the yield on the benchmark 10-year US government bond tumbled to its lowest level since March, dragging the US Dollar to a three-month trough and providing a strong boost to the yellow metal. Gold futures pulled back after hitting one month high of $2430 per ounce this week but the overall mood remains supportive. 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. Meanwhile, World Gold Council (WGC), stated that following the strongest month since May 2023, global gold ETFs have now seen inflows two months in a row; in June, notable European and Asian buying offset outflows from North America. Although June and May inflows helped limit global gold ETFs' y-t-d losses to US$6.7 billion (-120 tonnes), this remains the worst H1 since 2013 ' both Europe and North America saw hefty outflows while Asia was the only region with inflows.

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