Precious Metals Preview: Gold Pulls Back As Dollar Firms

15 Nov 2022 , 09:10 AM

Gold stays propped up near three month highs but edged slightly lower in early Asia tracking strength in the dollar overseas. The dollar index was higher after falling 4% last week, marking its biggest weekly drop since March 2020, after data showing U.S. consumer prices rose less than expected in October and prompted bets for slower hikes. The dollar index, which gauges the greenback against a basket of six other major currencies including the euro, yen, and sterling, rose as much as 0.93% to 107.274 before it pulled back to last trade up 0.3% at 106.87. Meanwhile, the yellow metal was down 0.17% at $1773.90.Powered by Commodity Insights