Gold gains marginally amid slight weakness in US dollar
Published on Jun 20, 2022 16:30
Gold is up in Asia on Monday after a pull back last week from its highest levels in more than a month. Slight weakness in the US dollar is limiting downside on the yellow metal that is holding at $1845.15 an ounce. The dollar index surged to a fresh two-decade high of 105.79 last week and is currently quoting at 104.50. Meanwhile, US treasury yields which are sharply lower near 3.2% following Federal Reserve`s massive 75 bps rate hike on Wednesday could drag down the dollar in turn favouring appeal for the safe haven commodity. India`s Gold imports came in at Rs 46591 crores in May 2022, jumping 838% compared to May 2021. Gold imports in April-May FY23 rose by 16% compared to same period in previous fiscal. Silver imports came in at Rs 3450 crore in May 2022, up by 2960% compared to May 2021. Silver imports in April-May FY23 surged around 2000% compared to same period in last fiscal.
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