Gold caught in choppy moves

Published on Jun 08, 2022 12:23

Gold is seen pulling back from yesterday`s recovery as dollar firmed back after a slight decline overnight. Dollar index is regaining ground towards 102.55 after falling overnight tracking treasury yields that was down from the 3.06% mark during the week to lows of 2.96%. The yellow metal gained support on Tuesday on rising concerns about inflation and slowing growth. Meanwhile, the World Bank on Tuesday cut its global growth forecast to 2.9% for 2022 and warned of the world economy slipping into a period of stagflation reminiscent of the 1970s. COMEX Gold slipped back below $1850 an ounce, having climbed to $1858 levels in the previous session.