COMEX Gold fails to see traction

Published on Jun 23, 2022 11:46

Gold continued to stay on the backfoot, down 0.11% at $1836.30 an ounce. However, dollar under pressure, hurt by Treasury yields wallowing near two-week lows amid rising concerns of a recession is restricting losses in the precious metal. The dollar index, which measures the currency against six key rivals, slipped to 103.89. Fed Chair Jerome Powell said in testimony to Congress that the central bank is fully committed to bringing prices under control even if doing so risks an economic downturn. He said a recession was "certainly a possibility," reflecting fears in financial markets that the Fed`s tightening pace will throttle growth.