Gold under heavy selling pressure

Published on Aug 22, 2022 15:57

Gold futures slipped sharply today, sliding near six week low as firm US dollar capped the upmove in the commodity. The metal currently trades down 0.69% at $1750 per ounce. Gold is also eyeing weakness in other commodities like crude oil and copper and is extending losses after breaking under $1800 per ounce mark. Gold demand in India is looking good ahead of the festive season though there are recurring worries over the Chinese retail Gold buying as the leading consuming nation struggles with a banking crisis. Dollar index is holding above 108 mark, capping commodities broadly.