Gold Flips Back Under $1900 Per Ounce

Published on May 27, 2021 14:10

COMEX Gold futures slipped as the near five-month highs above $1900 per ounce failed to sustain on profit selling. The dollar index approached 90 mark after the US Fed member Quarles noted that it will become important for the FOMC to begin discussing plans to adjust the pace of asset purchases at upcoming meetings. He also stated that the Fed has not begun to quantify thresholds for substantial further progress and it can be patient and allow employment to rise. COMEX Gold also faced some corrective selling amid a sharp spike in Bitcoin futures that hit above $40000 mark. The metal currently trades down 0.30% at $1895 per ounce.