Gold unable to see any gains

Published on Jul 11, 2022 10:02

Strength in dollar is keeping gold under pressure in early Asia on Monday, after registering a fall of nearly 4% last week. The yellow metal was battered by the dollar`s rally to levels not seen since 2002, backed by expectations that the Federal Reserve will maintain its aggressively hawkish monetary policy stance after a stronger-than-expected jobs report. The US economy added 372,000 jobs in June vs. expectations of 268,000 addition while the Unemployment Rate steadied at 3.6%, giving further leeway for the central bank to go ahead with rate hikes. In the latest Fed insights, Governor Waller and St. Louis Fed`s Bullard, backed raising interest rates by another 75 basis points this month to curb red-hot inflation, in line with market expectations since the FOMC minutes release earlier this week. Gold futures for August are down marginally at $1,740.75 an ounce.