COMEX GOLD SET For Weekly Gain

5 Aug 2022 , 01:15 PM

Gold is set for a weekly gain of more than 1.5% as the commodity is building on safe haven demand amid worsening global growth outlook. Weakness in the dollar and US Treasury bond yields through the week also supported the yellow metal to climb above the crucial $1800 mark. Escalation in tensions between China and Taiwan, after Beijing fired missiles around the island as part of a military drill favoured the yellow metal on Friday. The dollar index that measures the greenback against a basket of currencies was up 0.16% at 105.73, ahead of US July jobs report. COMEX Gold futures are up 0.08% at $1808.75 an ounce. Gold fell 3.5% in July, leaving it down 2.9% on the year, World Gold Council (WGC) reported. Powered by Commodity Insights