Gold nears five week low as dollar index holds around 106 mark

Published on Sep 27, 2023 15:22

COMEX Gold futures extended their losing spree amid sustained gains in the US dollar. The yellow metal has now approached $1900 per ounce mark and currently trades at $1914 per ounce, down 0.27% on the day. These are the lowest levels in last five weeks for the commodity. The US dollar index has edged up near the 106 mark, hitting its highest level in ten months. Dollar has been rising persistently in last few days. The US Fed`s latest meeting, where it kept interest rates steady but hinted at another hike this year and fewer cuts in 2024, has boosted the US currency as markets looked at the possibility of the US interest rates staying at record highs for a considerable period. Market attention is now on the upcoming release of the PCE price index, the Fed`s preferred inflation gauge, on September 29.