Recovery short lived in COMEX Gold

Published on Sep 19, 2022 12:24

Gold`s recovery towards $1700 seems to be short lived as the commodity lost appeal and is down in early Asia on Monday, tracking rebound in the US dollar index. Last week, gold gained on safe haven demand after World Bank warned of a global recession due to rising interest rates and monetary tightening by central banks. However, dollar is seen marching ahead amid expectations of a Federal Rate hike in its upcoming policy meeting. The dollar index that measures the greenback against a basket of currencies is seen marginally up at 109.55. Meanwhile, the yellow metal is quoting lower by 0.35% at $1677.65 per ounce.