Gold stays slippery, interest rate outlook in focus

Published on Jun 30, 2022 16:55

Gold is steady near two-week lows attained in the previous session as strength in dollar continues to drag on the precious metal. COMEX Gold futures are currently trading at $1812 per ounce, down 0.30%. The metal has mostly eased in the current month, giving up more than 30 dollars and is on track to record around 6.75% drop in the June quarter. Latest data from the Commerce Department on Wednesday showed that U.S. Gross Domestic Product contracted by 1.6% for the first quarter versus the 6.9% growth in the fourth quarter of last year. Fed Powell`s statement at a European Central Bank event that the central bank had no choice but to keep raising interest rates to beat inflation although there is no guarantee that it can provide a soft landing for the economy, is expected to keep dollar firm and in turn weigh down the precious metal.