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Gold holding near three month low

Published on May 10, 2022 17:17

Gold is seen holding near the three-month lows touched last week below $1860 levels after gaining some traction early in the day from easing bond yields and dollar off its peaks. COMEX Gold rose to $1864.65 per ounce before easing back. Dollar stabilized after earlier falling back from a two-decade high. The Dollar Index, which tracks the greenback against a basket of six other currencies, was at 103.68, having risen as high as 104.19 overnight, a fresh 20-year peak. Meanwhile, the benchmark US treasury yields eased on Tuesday, after hitting a high of 3.2%, its highest level since 2018. The 10-year bond yield is at 3% ahead of Wednesday`s US Consumer Price Index (CPI) data for April. However, concerns about softening global growth and a possible recession is keeping safe-haven gold supported.

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