Gold dips to two week low amid rising treasury yields

Published on Apr 19, 2023 15:00

There was a sudden crack in Gold prices in afternoon as the metal tanked under $2000 per ounce amid sustained uptick in the US dollar. The metal is currently trading at $1990 per ounce, down 1.45% on the day. These are the lowest levels in last two weeks. The US dollar index firmed up and lingers around 101.60, up 0.15% on the day. The global treasury yields are rising this week and the benchmark 10 year US yield shot up to a five week high above 3.60% today as traders reassessed their US interest rate hike expectations. The German 10 year Bund yields also surged to 2.51% - also hitting around five week high. This has hurt the risk appetite and commodities are falling in tune with equities.