Gold lingers around $1700 per ounce

Published on Sep 07, 2022 16:29

Gold futures continue to stay under stress amid broad strength in the US dollar and lack of buying support as markets worry about recessionary environment in leading global economies over coming months. An uptick in global interest rates in recent months as pulled down the metal after prices shot up to near $2100 per ounce mark following the Russian attack on Ukraine in March 2022. The commodity has mostly turned lower thereafter and currently trades around $1700 per ounce- its five week low. Rising interest rates and yields typically keep a lid on the metal and the same is being seen in its recent correction of near $400 per ounce too.