Gold is seen holding slightly lowerahead of Fed

Published on Jul 27, 2022 13:08

Gold is seen holding slightly lower, just under $1715 levels as recovery in US treasury yields could push dollar higher as markets brace for Fed interest rate decision later in the global day. However, deteriorating economic data from the US and sharp sell off in equities could see support for the safe haven commodity. COMEX Gold futures are marginally lower by 0.16% at $1714.90 an ounce. US Commerce Department report said new home sales plunged by 8.1 percent to an annual rate of 590,000 in June after jumping by 6.3 percent to a revised rate of 642,000 in May. Meanwhile, Conference Board said US consumer confidence index slid to 95.7 in July from a downwardly revised 98.4 in June.