Gold Eases Near One Week Low

Published on Jan 28, 2021 12:52

Gold is failing to see buying support on strength in the US dollar. Gold cut losses after testing one week low as the US Fed stuck to its ultra-dovish monetary stance. The US Federal Reserve said that it is committed to using its full range of tools to support the US economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world, Fed noted. US equities tanked sharply after the Fed statement and US dollar firmed up. The COMEX Gold futures dropped in Asia amid the strength in dollar and currently trades at a one week low of $1834 per ounce, down 0.60%.