Precious Metals Preview: Gold Stays On Backfoot

23 Jun 2022 , 09:06 AM

Gold continued to stay on the backfoot, down 0,11% at $1836.30 an ounce. However, dollar under pressure, hurt by Treasury yields wallowing near two-week lows amid rising concerns of a recession is restricting losses in the precious metal. The dollar index, which measures the currency against six key rivals, slipped to 103.89. Fed Chair Jerome Powell said in testimony to Congress that the central bank is fully committed to bringing prices under control even if doing so risks an economic downturn. He said a recession was certainly a possibility, reflecting fears in financial markets that the Feds tightening pace will throttle growth. Powered by Commodity Insights