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Gold off three month low

Published on May 13, 2022 12:34

COMEX Gold dropped to its lowest level in three months, pressured by a strong US dollar intruding into fresh two-decade highs. The dollar index soared to 104.93, hitting new 20-year peaks on renewed worries of aggressive tightening by Federal Reserve following hot inflation data coupled with heightened risks surrounding the Russian invasion of Ukraine, that led investors to fly for safety. Russia has said it will be forced to take "retaliatory steps" which has stoked demand for the safe haven dollar. The yellow metal fell to $1810 an ounce and has seen moderate recovery near $1821 on Friday.

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