COMEX Gold Hovers Under $1730 Mark

Published on Sep 30, 2021 16:41

COMEX Gold futures tanked near two month low, extending recent losses as the US dollar index hit above 94 mark and notched up its best level in nearly one year. Indications the Federal Reserve plans to begin scaling back its asset purchases in the near future have weighed on the metal. Federal Reserve Chairman Jerome Powell said yesterday that he expects inflation to ease eventually. Powell and most of his colleagues say they expect the current pressures to decline back to trend as supply chain bottlenecks ease and demand goes back to pre-pandemic levels. Gold was also hurt on a generally slack undertone in commodities. The metal currently trades flat at $1725 per ounce.