Weekly Gold Review: COMEX Futures Break Above $1800 Mark

3 Dec 2022 , 02:21 PM

COMEX Gold futures saw upbeat moves as a change in the undertone of the US Fed monetary policy narrative augured well for the metal. The dollar index steadied below 106 mark on after Federal Reserve Chair Jerome Powell signaled a slower pace of tightening ahead. Powell said that slowing down at this point is a good way to balance the risks but added that controlling inflation will require holding policy at a restrictive level for some time. The dollar index that measures the greenback against a basket of currencies saw a sharp drop following these comments. The index tumbled more than 5% in November, its worst monthly showing since September 2010. This boosted Gold and the commodity broke above $1800 per ounce to hit the highest levels in nearly three and half months. The time for moderating the pace of interest rate increases may come as soon as the December meeting, the Fed chair said during an appearance at the Brookings Institution. My colleagues and I do not want to overtighten, Powell added.Powered by Commodity Insights