Gold gains marginally amid slight weakness in US dollar

20 Jun 2022 , 04:30 PM

Gold is up in Asia on Monday after a pull back last week from its highest levels in more than a month. Slight weakness in the US dollar is limiting downside on the yellow metal that is holding at $1845.15 an ounce. The dollar index surged to a fresh two-decade high of 105.79 last week and is currently quoting at 104.50. Meanwhile, US treasury yields which are sharply lower near 3.2% following Federal Reserves massive 75 bps rate hike on Wednesday could drag down the dollar in turn favouring appeal for the safe haven commodity. Indias Gold imports came in at Rs 46591 crores in May 2022, jumping 838% compared to May 2021. Gold imports in April-May FY23 rose by 16% compared to same period in previous fiscal. Silver imports came in at Rs 3450 crore in May 2022, up by 2960% compared to May 2021. Silver imports in April-May FY23 surged around 2000% compared to same period in last fiscal.Powered by Capital Market – Live News