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Gold hovers around $1,650
On Tuesday, there was a slight change in the price of gold. This was due to the fact that the dollar retreated from recent highs, and its price fluctuated around key support levels.
The weakening of the dollar contributed to the increase in the price of gold. A large amount of strong earnings on Wall Street increased the risk appetite of traders and encouraged them to abandon the greenback.
The gold price outlook is still under pressure from the prospect of rising US interest rates, especially as inflation remains stubbornly close to 40-year highs. The Federal Reserve has also pointed out that by the end of this year, rates will be higher than those experienced during the 2008 financial crisis, amid a worsening economic outlook.
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