COMEX Gold Rises Steadily, US interest rates outlook Dominates Sentiments

Published on Jan 12, 2021 11:53

COMEX Gold rose steadily from a near three week low but gains were capped as the US dollar index stayed firm above 90 mark. COMEX Gold also eyed outlook on US interest rates. The US interest rates could rise sooner than forecast as the economy recovers more quickly than expected from the throes of the Covid-19 damage, Atlanta Federal Reserve President Raphael Bostic said Monday. Bostic said that he thinks the emergency measures the Fed has taken to combat the pandemic can start to be rolled back within the next two years if not sooner. Rising rates could keep Gold under check over coming quarters. The yellow metal currently trades flat at $1948 per ounce.