Gold continues to stay under pressure

Published on Aug 24, 2022 17:05

Gold continues to stay under pressure following a mild recovery in the previous session tracking dollar movement. Meanwhile investors focus has shifted to Friday`s speech by Fed Chairman Jerome Powell at the Kansas City Fed`s symposium in Jackson Hole for further cues. The dollar index that measures the greenback against a basket of currencies is quoting higher at 108.71, recovering from yesterday`s low of 107. 99. Persistent fears of an economic slowdown and a hawkish fed have underpinned bounce back in dollar and benchmark treasury yields above 3% weighing down demand for the bullion. Gold futures are currently quoting lower by 0.20% at $1757.75 an ounce.