Gold loses shine on dollar strength, tests six month low

Published on Jul 06, 2022 16:51

Gold futures lost heavily last night as COMEX Gold fell nearly 50 dollars in a single session and tested lowest levels in last six months. The yellow metal plummeted as the US dollar index jumped to fresh two decade high above 105 mark. Gold was also hurt on a general bout of selling in risky assets given that recession worries hurt the sentiments across the assets. Gold normally tends to behave in an opposite direction to the US dollar and yesterday was an apt reminder of how a quick surge in the greenback can pull the yellow metal down. As COMEX Gold broke under $1800 per ounce mark, the MCX Gold futures also fell under Rs 52000 per 10 grams.