Precious Metals Preview: Gold Struggles Near $1856 Levels

9 Jun 2022 , 09:07 AM

Gold continues to struggle on Thursday as dollar stayed elevated tracking higher US treasury yields that continued to climb further above 3% ahead of crucial US inflation data that would likely determine path for the Federal Reserve. Gold futures are lingering near $1856 levels as grim global growth outlook is trying to keep the yellow metal supported although strong dollar may limit gains. The Organisation for Economic Co-operation and Development said the global growth is set to slow sharply this year than previously forecast as the war in Ukraine triggered a cost-of-living crisis and the zero-COVID policy of China added to supply chain disruptions. The global economy will expand 3.0 percent in 2022, which is sharply slower than the 4.5 percent projected in December, OECD said in its latest economic outlook, released Wednesday. The growth rate is seen at 2.75 percent in 2023. Powered by Commodity Insights