Weekly Gold Review: COMEX Futures Fall On Worries Over Rising US Interest Rates

27 Aug 2022 , 01:06 PM

COMEX Gold futures slipped near $1750 per ounce as Jerome Powell, the Chief of US Federal Reserve said that the bank must continue to raise interest rates to stop inflation from becoming a permanent aspect of the US economy. Powell said the Federal Reserve would probably impose further interest rate hikes in the coming months and could keep them high for some time. While higher interest rates, slower growth and softer labour market conditions will bring down inflation, they will also bring some pain to household and businesses, he said. His comments boosted the US dollar near 109 mark and flipped Gold lower in line with risky assets. MCX Gold futures slumped near Rs 51100 per 10 grams mark amid selling in global Gold futures.Powered by Commodity Insights