COMEX Gold edged up last night as bargain buying emerged around one month lows following a drop in US dollar. The dollar index extended losses from near 18 month highs after the US Federal Reserve Chairman Jerome Powell stated that the US economy is performing well but there are some potential risks ahead including a slowdown in global growth, the impact from US tax cuts and the interest rate hikes from Fed. He also noted that the Fed is managing interest rates in an effort to prolong the current economic recovery.

These comments pulled the dollar lower given their subtle dovish tone though it does not mean that the Fed would not hike rates in its coming meet in December. Dollar index currently trades at 96.74, down 0.12% on the day. COMEX Gold edged up yesterday and stayed supported today as well, quoting at $1211 per ounce, up marginally on the day. MCX Gold futures ended up 0.23% at Rs 30840 per 10 grams after testing lows near Rs 30600 levels.

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