Precious Metals Preview: Pulls Back Below $1850 An Ounce

8 Jun 2022 , 09:04 AM

Gold is seen pulling back from yesterdays recovery as dollar firmed back after a slight decline overnight. Dollar index is regaining ground towards 102.55 after falling overnight tracking treasury yields that was down from the 3.062% highs during the week to lows of 2.963%. The yellow metal gained support on Tuesday on rising concerns about inflation and slowing growth. Meanwhile, the World Bank on Tuesday cut its global growth forecast to 2.9% for 2022 and warned of the world economy slipping into a period of stagflation reminiscent of the 1970s. COMEX Gold slipped back below $1850 an ounce, having climbed to $1858 levels in the previous session. Powered by Commodity Insights