Gold broadly supported amid dollar weakness

Published on Jan 11, 2023 11:38

Gold edged back to recent peaks as dollar stays subdued near seven month tracking fall in treasury yields. Investors flocked back to gold as Federal Reserve (Fed) Chair Jerome Powell`s comments at Riksbank`s International Symposium on Central Bank Independence couldn`t offer further clarity on the US central bank`s monetary policy outlook. Benchmark US treasury yields dropped nearly 1% while the dollar index that measures the greenback against a basket of currencies was at 103.10. Besides, persistent recession fears and possibility of a COVID surge, given that China is reopening borders are reducing investors` appetite for risks and supporting the precious commodity. COMEX gold is currently seen quoting at $1880.80 an ounce, up 0.23% on the day.