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Gold futures finish higher on weaker dollar

16 Jun 2022 Evaluate
Gold futures finished higher on Wednesday, rebounding from previous session’s one month low rate as dollar and US Treasury Bond yields retreated after Fed announcement of sharpest interest rate hike since 1994. The safe haven appeal of the bullion got spurred with the fears over global economic slowdown. The Federal Reserve has raised 75 basis point in order to cop up with the mounting inflation rate. The US consumer price index had marked its highest since 1981, by about 8.6% for the month of May.

Gold futures for August rebounded by $6.10 or 0.3% to settle at $1819.60 ounce on the Comex division of the New York Mercantile. Spot gold surged by 1.4% to $1,833.42  per ounce.