Gold under stress after breaking under $1700 per ounce mark

Published on Jul 21, 2022 16:31

Gold futures saw weak movement today as the US dollar index stabilized around 107 mark and equities turned in a mixed to cautious outing. Asian stocks saw watchful moves on Thursday, with Chinese and Hong Kong markets underperforming on concerns over strict COVID-10 lockdowns and waning confidence in China`s property market. European stocks pulled back in cautious trades as markets waited for the ECB meet outcome. The US stocks extended the rally seen in the previous session, reaching their best closing levels in over a month. The yellow metal currently trades down 1.14% at $1680 per ounce. The selling pressure has been relentless after breaking under $1700 level.