Gold eyes strength in US dollar

Published on May 15, 2023 13:02

Gold futures were seen trading marginally higher in the mid Asia session today with the metal seen facing resistance around $2060 levels and support around $2000 an ounce this week. Precious metal ended the week on flat note last week, with the commodity getting boost as safe haven metal from insecurity in the markets over global deflation and growth issues which in turn triggered losses in equity markets. Whereas strength in the US dollar weakened the roots of yellow metal and it fell to as low as $2005.7 per ounce. The US dollar index- which measures dollar`s value against basket of other currencies was seen trading slightly lower at 102.63 today. Last week the index strengthened 1.45% to end the week at 102.68- hitting near five week top.

COMEX Gold futures contract was seen trading flat at $2019.40 an ounce in Asia session today. The contract hit high of $2085.40 on 4th May and slipped to as low as $2005 an ounce on Friday last week. Gloomy global growth outlook had solid drag on silver, copper and other energy commodities as well. In the data releases today is the US Empire state manufacturing index due to be released in the evening.