Precious Metals Preview: Gold Snaps Recovery Momentum

22 Jul 2022 , 08:53 AM

Gold stays near the flat line in early Asia on Friday, following a sharp rebound in the previous session. Gold futures for August is marginally higher by 0.04% at $1,714.15 an ounce, after recovering to $1719 mark from the sessions low of $1,678.40 yesterday. ECB rate announcement that weighed down dollar supported the yellow metals rebound from a near one-year low. The European Central Bank announced its decision to raise interest rates by 50 basis points, marking the first-rate hike in over a decade. However, recovery in US treasury yields in tandem with dollar ahead of Feds decision next week is likely to reduce appeal for the precious metal. Powered by Commodity Insights