Gold eases on firm US Dollar

Published on Jun 07, 2022 12:08

Gold came under renewed pressure as dollar firmed overnight tracking sharply higher treasury yields ahead of US inflation data. The dollar index, that measures the greenback against a basket of currencies pushed as high as 102.64, a week`s high, buoyed by the 10-year US Treasury yields that climbed to 3.05% for the first time in nearly four weeks. COMEX Gold dropped to a week`s low under $1839 levels and is currently quoting at $1844.20 an ounce. Gold will likely stay focused on US inflation data due Friday that could provide more clues on the Fed`s rate-hiking path, ahead of next week`s policy decision.