COMEX Gold under stress amid soaring US dollar

Published on Jan 17, 2024 15:19

Gold has dipped for a second session as a firm US dollar weighed on the metal. COMEX gold futures are currently down 0.30% at $2024 per ounce and are not far from one-month lows. A massive selloff in equities globally is capping the downside for Gold. Meanwhile, the US dollar index has spiked above 103 mark as markets reassessed US interest rate cut possibilities. The US Fed�s Christopher Waller stated in a speech yesterday that the timing and number of rate cuts will be driven by the incoming data. Gold had neared one week high of $2067 per ounce earlier in the week. MCX Gold futures are down 0.21% at Rs 61885 per 10 grams right now. The counter had lost 0.88% in last session with a massive 8% tumble in the open interest.