Gold Rallies; Bitcoin Surges Above $23000 Mark

29 Jul 2022 , 12:54 PM

Gold is hovering at its best level in three weeks on Friday tracking broad weakness in the US dollar and treasury yields after Fed hinted at slower pace of interest rate hikes going forward. Besides, US economy shrunk from April through June for a second straight quarter further weighing down the greenback. U.S. economic growth fell 0.9% in the second quarter. The dollar index is currently down nearly 0.73% at 105.46 while benchmark treasury yields continue to stay below 2.7% mark. Gold futures were up nearly 1% at $1,764.65 an ounce. However, sharp gains in the yellow metal were restricted by surge in bitcoin that has extended rally for three straight days and is at its best level in more than a month. Bitcoin is currently up more than 4% above $23000 mark. Powered by Commodity Insights