Precious Metals Preview: COMEX Gold Slips On Firm US Dollar Index

16 May 2022 , 12:04 AM

COMEX Gold futures slipped on Friday, posting its biggest weekly loss in about eleven months due to strong risk appetite. COMEX Gold futures pulled back to a low of $1808 per ounce. Stock markets in Asia edged up. Shares in Europe saw impressive gains, rising more than 1% for major indices. Gold was also under stress due to continued firmness in the US dollar index as it hovered just under a 20-year high. The University of Michigan showed consumer sentiment in the U.S. has deteriorated by much more than expected in the month of May. Consumer sentiment index tumbled to 59.1 in May from 65.2 in April. With the much bigger than expected decrease, the consumer sentiment index slumped to its lowest level since hitting 55.8 in August of 2011. The Labor Department showed imports prices were unexpectedly unchanged in the month of April, after surging by an upwardly revised 2.9% in March. The report also showed the annual rate of growth in imports prices slowed to 12% in April from an upwardly revised 13% in March. MCX Gold ended around Rs 49900 per 10 grams mark after failing to hold above Rs 52K.Powered by Commodity Insights