Precious Metals Preview: COMEX gold jumps to one-week high as weak dollar supports

COMEX gold is holding around a one-week high following an over 3% jump in the previous session as dollar plunged sharply. DXY fell over 1% to 99.71, the lowest since in around six weeks late yesterday triggered by a combination of a massive, suspected currency intervention by the Japanese Government to prop up the yen, cooling U.S. inflation data, and market skepticism over the Federal Reserve's monetary policy stance. Meanwhile, investors also assessed the Federal Reserve's decision to leave rates unchanged and monitored escalating tensions in the Middle East. Currently, the yellow metal is quoting at $4133.80 an ounce, down 0.64% on the day and is set for a monthly drop of over 2%.

Powered by Commodity Insights