Gold unable to see gains

11 Jul 2022 , 10:02 AM

Strength in dollar is keeping gold under pressure in early Asia on Monday, after registering a fall of nearly 4% last week. The yellow metal was battered by the dollars rally to levels not seen since 2002, backed by expectations that the Federal Reserve will maintain its aggressively hawkish monetary policy stance after a stronger-than-expected jobs report. The US economy added 372,000 jobs in June vs. expectations of 268,000 addition while the Unemployment Rate steadied at 3.6%, giving further leeway for the central bank to go ahead with rate hikes. In the latest Fed insights, Governor Waller and St. Louis Feds Bullard, backed raising interest rates by another 75 basis points this month to curb red-hot inflation, in line with market expectations since the FOMC minutes release earlier this week. Gold futures for August are down marginally at $1,740.75 an ounce.Powered by Capital Market – Live News