Gold edges higher in Asian trades

Published on Jul 07, 2022 12:41

Gold is seen bouncing higher in early Asia in response to a slight weakness in the American currency that is paring gains following a sharp spike since early this week. The dollar index, which climbed to a fresh 20-year high at 107.26, is currently down nearly 0.20% at 106.68. However firm US treasury yields following the Federal Open Market Committee (FOMC) Minutes that saw Fed policymakers determined to announce another 75 basis points (bps) of a rate hike is likely to drive dollar higher and in turn weigh down the yellow metal. Gold futures for August are up by $8 or about 0.47% at $1,744.70 an ounce.