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Gold trades just under $1740 mark

Published on Aug 29, 2022 12:36

Gold sank to its lowest level in a month in early Asia on Monday, tracking sharp spike in the US dollar following a hawkish Fed speech at the much awaited Jackson Hole conference on Friday. Fed Chairman Jerome Powell said, �Restoring price stability will take some time, require using central bank`s tools `forcefully`,�. The policymaker also stated that restoring price stability will likely require maintaining a restrictive policy stance for `some time`. The precious metal weakened past $1740 mark and is currently quoting at $1738 an ounce.

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