Gold traders eye soaring US equities

Published on Jul 20, 2022 11:46

Gold maintains upside momentum although marginal, sustaining above $1700 mark as dollar stays on backfoot. The dollar index is down for the fourth consecutive day, its lowest level in almost two weeks. The dollar index, that measures the greenback against a basket of currencies was down 0.12% at 106.41. Gold futures for August was marginally lower at $1,709.65 an ounce. However, a rally in shares in the U.S. on Tuesday after strong earnings reports could weigh on the commodity. The major averages ended the session just off their best levels of the day. The Dow surged 754.44 points or 2.4 percent to 31,827.05, the Nasdaq soared 353.10 points or 3.1 percent to 11,713.15 and the S&P 500 spiked 105.84 points or 2.8 percent to 3,936.69.