Dollar strength hurts Gold

Published on Nov 03, 2022 17:22

Gold tumbled today as a firm US dollar weighed on the metal amid weak equities. Asian shares turned lower amid lack of major buying support. European shares slipped sharply. The US stocks tanked as the US Fed Chief Jerome Powell stated that a mistake in not tightening monetary policy enough would risk dealing with entrenched inflation. This hurt Gold as the metal swayed near recent low and currently quotes at $1621 per ounce, down 1.70% on the day. The US dollar index jumped near 113 mark today, hitting around two week low.