Precious Metals Preview: Gold Sustains Above $1700 Mark

19 Jul 2022 , 09:04 AM

Gold is lingering near the flat line on Tuesday as gains from dollar weakness is offset by a sharp rally in Bitcoin. Bitcoin futures soared more than 4% to hit above $22000 mark in the previous session and continues to hover near the levels, weighing down the precious metal. COMEX gold is currently down 0.27% at $1705.50 per ounce. However, lower Asian stock markets on Tuesday, following the broadly negative cues from Wall Street overnight amid concerns about the economic outlook ahead of next weeks US Federal Reserve monetary policy meeting and new wave of COVID-19 infections in China could lend some support to the yellow metal. Powered by Commodity Insights