Gold Breaks Above $1800 Mark Amid Sustained Weakness In Dollar

2 Dec 2022 , 01:36 PM

COMEX Gold rallied by around 2% in intraday moves yesterday, adding to recent gains as a heavy slide in the US dollar on expectations that the U.S. Federal Reserve will slow the pace of interest rate hikes is keeping the metal elevated. COMEX gold futures are currently quoting flat $1814 an ounce- holding near three month high. The US dollar index is quoting at 104.60, testing around four month low. Broad economic worries are also boosting Gold. Activity in the U.S. manufacturing sector contracted for the first time in over two years in the month of November, according to a report released by the Institute for Supply Management. The ISM said its manufacturing PMI slipped to 49.0 in November from 50.2 in October, with a reading below 50 indicating a contraction. With this decrease, the manufacturing PMI fell to its lowest level since hitting 43.5 in May of 2020.Powered by Commodity Insights