COMEX Gold slides as break under $1700 per ounce extends

Published on Sep 16, 2022 16:28

Gold plummeted to its lowest level in more than two years following a sharp spike in US treasury yields on rising bets of an aggressive interest rate hike by the Federal Reserve that buoyed dollar sentiments while weakening demand for the yellow metal. The precious metal fell to its lowest level since April 2020, breaking below $1670 mark and is currently quoting lower by 0.36% at $1671.30 an ounce. Meanwhile, 10-year Treasury yields were hovering at 13 week highs near 3.45%, while the dollar index hovered near a 20-year peak of 109.47, weighing down the bullion.