Gold Lower On Fed Tightening Talk, Weak Equities Offer Some Support

7 Apr 2022 , 01:07 PM

COMEX Gold futures consolidated at a lower end amid sustained selling pressure as markets eyed a more hawkish Fed stance. The US Federal Reserve policymakers suggested the need for tighter monetary policy to curb inflation. The Fed signaled in its minutes on Wednesday that it was prepared to act more quickly to tighten the reins on the economy to contain rampant inflation, including pare-down of its balance sheet of bonds more quickly than originally anticipated. However, weakness in equities capped losses and COMEX Gold currently trades up 0.16% at $1925 per ounce. MCX Gold is trading at Rs 51669 per 10 grams, up marginally on the day. The overall intraday range is looking tight after the corrective action in last session.

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