Gold Eases After 5-Day Advance

gold prices

Gold: eased to around $1,860 an ounce on Wednesday after climbing for five straight sessions, as the dollar gained some ground, but inflationary and growth concerns kept safe-haven bullion from further losses.

The dollar recovered slightly after hitting its lowest level in a month in the previous session, making greenback-priced bullion more expensive for buyers holding other currencies.

Meanwhile, gold held near two-week highs scaled on Tuesday as investors hedged against surging inflation and a challenging growth outlook.

With the Federal Reserve aggressively raising interest rates to fight against 40-year high inflation, analysts warned of the growing risk of recession in the US.

The Fed has raised its benchmark policy rate by an aggregate of 75 basis points this year, and is on track to increase it again in 50-basis point increments at each of the next two meetings in June and July

About Haroon Khawaja

Haroon Khawaja Is a Journalist & CEO Of B-Trams , Ex Reporter At Geo News

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