Gold supported amid weak momentum in US dollar

Published on Jun 24, 2022 12:33

Weak momentum in the US dollar is likely to support gold futures that have shed gains all through the week led by global recession fears. Powell said in his testimony to the senate that it will be challenging for the Fed to engineer a soft landing for the U.S. economy, amid the central bank`s aggressive tightening of its monetary policy. Global stock markets were mixed overnight, with European shares mostly down and Asian shares mostly up. Gold futures for August is down 0.17% at $1826.74 an ounce. The dollar index stays lower near 104 levels.