Gold Recovers Above $1750 Mark As Dollar Retreats

28 Nov 2022 , 02:17 PM

Gold regained back $1750 mark after having dropped below the level in early trades tracking demand for safe haven greenback amid rising COVID cases in China and ensuing lockdowns that escalated worries of increased economic disruptions. China witnessed a record number of coronavirus cases for the third consecutive day on Saturday, with infections surpassing 35,000 despite large-scale lockdowns under the stringent Zero-Covid policy, triggering rare protests and clashes with the police. The dollar index, which tracks the greenback against a basket of six other currencies, eased 0.07% to 105.84. However, the yellow metal is likely to stay cautious ahead of Federal Reserve chair Jerome Powells speech later this week. COMEX gold is currently quoting at $1757.50 an ounce, up 0.20% on the day. Powered by Commodity Insights