GOLD SEES DECENT UPMOVE

Published on Nov 22, 2022 17:15

Gold registered decent gains through Tuesday, tracking weakness in the greenback overseas but stayed pinned near one and half week lows ahead of the Fed minutes that could drive dollar and weigh down the yellow metal. Currently, the dollar index that measures the greenback against a basket of currencies was down 0.43% at 107.27 tracking US benchmark treasury yields that gave up overnight gains and dipped to 3.8% today as the latest comments from the Federal Reserve (Fed) officials failed to bolster the previously hawkish bias. Cleveland Fed President Loretta Mester said the central bank can downshift to smaller interest rate hike increments from next month. Meanwhile, COMEX gold was holding up by half a percent at $1748.50 an ounce.