Precious Metals Preview: Gold Stays Supported Above $1650 Mark

19 Oct 2022 , 09:11 AM

Gold prices stay supported above $1650 mark as dollar is seen marginally lower in early Asia. However, expectations that the US Federal Reserve will continue raising interest rates aggressively to stamp out inflation will keep dollar elevated, adding pressure on the yellow metal. Minneapolis Fed President Neel Kashkari said the central bank may need to lift its policy rate above 4.75% if ?underlying? inflation continues to accelerate. The dollar index that measures the greenback against a basket of currencies is seen marginally down at 112.08. Meanwhile, COMEX gold is currently quoting at $1656.35 an ounce. Powered by Commodity Insights