Gold Rallies As Prospect Of Fed Slowing Monetary Policy Tightning Boosts Sentiments

1 Dec 2022 , 02:07 PM

COMEX Gold futures saw upbeat moves today as a change in the undertone of the US Fed monetary policy narrative augured well for the metal. The dollar index steadied below 106 mark on Thursday after Federal Reserve Chair Jerome Powell signaled a slower pace of tightening ahead. Powell said on Wednesday that slowing down at this point is a good way to balance the risks but added that controlling inflation will require holding policy at a restrictive level for some time. The dollar index that measures the greenback against a basket of currencies saw a sharp drop of more than 1% in the previous session. The index tumbled more than 5% in November, its worst monthly showing since September 2010. This boosted Gold and the commodity currently trades at $1789 per ounce, up 1.70% on the day. These are the highest levels in nearly three and half months.Powered by Commodity Insights