COMEX Gold futures rose in US session yesterday as good buying emerged on persistent worries on the Covid-19 front. More than 200 scientists have called for the World Health Organization and others to acknowledge that the coronavirus can spread in the air. This, if proven, could alter the current narrative aimed at curbing the pandemic quite severely. Gold yet again moved near eight year top around $1800 per ounce. The metal soared last week amid continued worries on the escalating Covid-19 cases globally. Global coronavirus cases have hit around 11 million mark with total number of casualties at around half a million so far. The commodity currently trades at $1795 per ounce, up marginally on the day.
Meanwhile, there was some action on the global inflationary front as well. The FAO Food Price Index (FFPI) averaged 93.2 points in June 2020, some 2.2 points or 2.4% higher than in May, representing the first month-on-month increase since the beginning of the year. Amid market uncertainties posed by COVID-19, the prices of vegetable oils, sugar and dairy products rebounded to multi-month highs following sharp declines registered in May.
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