Gold under stress, COMEX futures stay under $1780 mark

Published on Aug 18, 2022 16:29

Gold continues to linger under $1800 mark for the third day in a row weighed down by accruing strength in the US dollar. Rising worries of recession and Fed maintaining its rate hike stance is seen investors flocking to safe haven dollar for respite. Fed minutes reaffirmed the central bank`s plans to continue raising interest rates in an effort to return inflation to its 2 percent objective. US 10-year Treasury yields rose the most in a week while refreshing the monthly high near 2.90%. The dollar index that measures the greenback against a basket of currencies was up 0.06% at 106.55. COMEX Gold was quoting at $1778.60 an ounce, a two-week low.