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Gold stays lax after falling under $1800 mark

Published on Aug 16, 2022 14:23

COMEX Gold futures stayed under stress, breaking under $1800 per ounce mark. Gold prices edged lower tracking sharp gains in the US dollar overnight as investors preferred dollar as the safe haven asset amid rising worries of a slowdown in China. The dollar index that measures the greenback against a basket of currencies continues to hover near 106 mark. Meanwhile, lower treasury yields could give some respite to the commodity, even as prospects of further rate hike by the Fed is likely to add pressure on the yellow metal. COMEX gold futures are trading down 0.37% at $1792 per ounce. MCX Gold futures are also trading down 1.28% at Rs 51911 per 10 grams.

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