Gold Hovers Around $1800 Mark, Traders Eye Russia-Ukraine War

16 May 2022 , 01:03 PM

COMEX Gold futures stayed weak today after posting its biggest weekly loss in about eleven months last week. COMEX Gold futures are holding near $1800 per ounce. Gold continued to be under stress due to continued firmness in the US dollar index as it hovered just under a 20-year high. However, worries over the Russia-Ukraine war and US economic scenario are likely to cap the downside for the metal. The University of Michigan showed consumer sentiment in the U.S. has deteriorated by much more than expected in the month of May. Consumer sentiment index tumbled to 59.1 in May from 65.2 in April. With the much bigger than expected decrease, the consumer sentiment index slumped to its lowest level since hitting 55.8 in August of 2011. This could also weigh on the US treasury yields and provide a modicum of support to Gold after the sustained losses in last few days. Powered by Commodity Insights