Precious Metals Preview: Gold Prices Hold Near $1641 Mark

4 Nov 2022 , 08:59 AM

Gold prices rebounded on Friday as dollar retreated from recent peaks of 113 mark, although it stays near two decade high, adding pressure on the yellow metal. Interest rate hikes by the Fed caused steep losses in gold this year, as the opportunity cost of holding the yellow metal increased. Accruing strength in the dollar tracking sharply higher treasury yields amid rate hike spree by Fed is likely to continue to keep the precious metal under stress. COMEX gold was up 0.67% at $1641.90 an ounce. Powered by Commodity Insights