Precious Metals Preview: COMEX Gold Breaks Near $1800 Mark

1 Dec 2022 , 09:06 AM

Moderating US monetary policy hopes boosted Gold as the metal rallied towards $1800 mark. Gold garnered good gains, rising amid mostly positive risk appetite as markets eyed easing restrictions in China and hoped that the retail Gold demand from Chinese consumers will pick up over the coming weeks. The central Chinese city of Zhengzhou, home to the worlds largest iPhone factory, has lifted a five-day Covid lockdown. COMEX Gold futures were buoyed following this and currently trade at $1789 per ounce, up 1.70% on the day, hitting the highest levels in three months. The latest remarks from Feds Powell suggest the Fed is preparing to downshift to a 0.5 percentage point increase when it gathers in two weeks after it raised rates by 0.75 percentage points at each of its past four meetings. This is keeping the overall risk sentiments positive and has pulled the US dollar index under 106 mark. Powered by Commodity Insights