Gold futures finished at 15 month low level on Thursday as the perceived safe haven dollar peaked after the soaring CPI index stroked aggressive Fed interest rate hike. The yellow metal had tumbled to $1,695.05 in the session, marking a bottom since March 31, 2020, before it settled above $1700 benchmark.
Gold futures for August tumbled by $29.70 or 1.70% to $1705.80 ounce on the Comex division of the New York Mercantile. Spot gold plunged down by 1.5% to $1708 per ounce.