Dollar rebound weighs on Gold

Published on Apr 06, 2023 11:38

A rebound in the dollar index in early Asia on Thursday ahead of non-farm payrolls that will likely decide further Federal rate action is keeping gold under pressure. Meanwhile, Federal Reserve Bank of Cleveland President Loretta Mester said policymakers should move their benchmark rate above 5% this year and hold it at restrictive levels for some time to quell inflation. The dollar index that measures the greenback against a basket of currencies is quoting higher by 0.15% at 101.70 while COMEX gold futures are seen at $2027.70 an ounce, down 0.39% on the day, but hovering near two-month highs.