Precious Metals Preview: COMEX Gold Slumps To Six Week Low

1 Jul 2022 , 08:45 AM

COMEX Gold slumped to six-week low on sustained selling pressure as worries over global monetary tightening and lack of retail demand in India weighed. The metal currently trades at $1804 per ounce, down 0.17% on the day. The US Federal Reserve Chairman Jerome Powell told lawmakers on Thursday that aggressive interest rate hikes designed to tame inflation could lift unemployment on Main Street. Powell said the Feds interest rate increases are designed to drive growth down to a level that is more sustainable and gives the supply side a chance to catch up. COMEX Gold has been sliding in recent weeks and could see some buying now as $1800 mark approaches. MCX Gold futures ended at Rs 50569 per 10 grams, down 0.32% on the day after testing low near Rs 50400 per 10 grams mark.Powered by Commodity Insights