COMEX Gold Supported Around $1880 Per Ounce In Asia

Published on Jun 23, 2021 12:33

COMEX Gold stayed broadly supported around $1880 per ounce following a deep cut in Bitcoin. Gold traders reassessed their inflationary expectations as the Federal Reserve Chair Jerome Powell said inflation had picked up but should move back toward the Fed`s 2% target once supply imbalances resolve. Inflation is expected to drop back toward the central bank`s longer-run goal, he noted. However, the metal found good comfort from the heavy losses in leading global cryptocurrency Bitcoin which fell below $30,000 for the first time in nearly five months as China`s latest crackdown on cryptocurrencies weighed. The world`s largest cryptocurrency tumbled around nine percent and kept Gold largely supported.