Gold reverses losses to rise above $1700 mark

Published on Jul 18, 2022 11:10

Gold reversed some of its weekend losses near a one-year low on the back of diminishing strength in the dollar in early Asia on Monday. The yellow metal managed to rise above $1700 mark after lingering below the level for the past few days. COMEX gold futures are currently quoting up 0.73% at $1716 an ounce. Nevertheless, hawkish bets of Federal Reserve maintaining an aggressive stance on interest rate hikes could continue to weigh on the precious metal.