Precious Metals Preview: Gold Rally Takes A Breather

1 Aug 2022 , 08:34 AM

Gold is seen taking a breather near one-month highs in early Asia on Monday, following a spike above $1780 on Friday tracking weakness in the US dollar. The dollar index eased below 105 mark, tracking lower treasury yields following Fed rate decision. The Federal Reserve announced its decision to raise interest rates by 75 basis points last week. The Fed said it decided to raise the target range for the federal funds rate to 2.25 to 2.50 percent in an effort to achieve its dual goals of maximum employment and inflation at a rate of 2 percent over the longer run. COMEX Gold futures are currently quoting at $1779.65 an ounce. Powered by Commodity Insights