Precious Metals Preview: COMEX Gold To Eye Dollar Movement

23 May 2022 , 12:36 AM

COMEX Gold futures approached one week high, tracking a corrective action in US dollar in last week and good bargain buying after the metal fell to a three month low. The yellow metal approached near $1850 per ounce, with the gains capped somewhat due to rising equities. The US dollar index eased from a two decade high and capped downside in Gold while traders eyed relentless surge in global inflationary readings. Dollar eased even as US Federal Reserve Chair Jerome Powell said that controlling inflation would demand rate rises in coming months. Powell said following that increase that similar 50 basis point moves were likely to come at ensuing meetings so long as economic conditions remained similar to where they are now.Powered by Commodity Insights