Gold hovers near nine-month peaks in Asia

Published on Jan 30, 2023 11:24

Gold hovered near nine-month peaks in early Asia on Monday as Fed is widely expected to slow the pace of interest rate hikes. Weakness in dollar and lower treasury yields also supported the yellow metal. COMEX gold surpassed crucial levels and is currently quoting at $1946.00, up 0.86% on the day. Asian stock markets are trading mixed on Monday, following the broadly positive cues from global markets on Friday, and as traders remain cautious ahead of a busy week, when the US Fed, Bank of England and European Central Bank are due to lift interest rates in an effort to bring inflation down from a multi-decade high.