Gold Prices were slightly lower on Wednesday and hovered near a one-year low as the dollar strengthened following Federal Reserve Chairman Jerome Powell’s comments on Tuesday that reinforced views the central bank is on track to gradually raise interest r
Gold price bounced back on Monday after dipping to a near 2018 low last week as the dollar slipped ahead of the first official dialogue between U.S. President Donald Trump and Russian President Vladimir Putin summit in Helsinki later in the day.
The precious metal extended overnight retracement slide from two-week lows and was weighed down by a combination of negative factors - a goodish pickup in the USD demand and fading safe-haven demand.
Gold prices rose to a one-week high on Wednesday as a softening dollar supported buying in the yellow metal.
Gold prices are likely to remain under pressure this week as traders digest the minutes of the Federal Reserve’s June meeting on Thursday, when markets re-open after Wednesday’s Independence Day holiday. The Fed hiked interest rates in June and signaled