Remarkable spike in Gold pushes metal from two week low

Published on Jun 16, 2023 12:55

COMEX Gold futures moved up from a two week low yesterday, witnessing excellent gains amid a deep slide in the US dollar. Dollar extended losses after Fed held rates steady in June policy and stayed hawkish on future rate hikes. The European Central Bank (ECB) hiked its interest rates for the eighth successive time yesterday and also signalled further policy tightening. ECB raised its key deposit rate by 25 basis points to a 22-year high of 3.5%. This pulled the US dollar index under 102 mark and pushed the Gold futures by around 2% in intraday moves. COMEX Gold currently trades at $1974 per ounce, up 0.20% on the day.