Gold in red after bounce in dollar

Published on Dec 16, 2022 15:43

Gold prices continue to linger deep in the red, well under $1800 mark on Friday following a sharp decline in the previous session after the Fed warned that U.S. interest rates will likely peak at higher-than-expected levels. Meanwhile, many other major central banks were following suit and seemed far from peaking out, adding to recessionary concerns. Recovery in dollar following a spike in US benchmark treasury yields also weighed down the yellow metal. US 10 year yields were quoting higher by more than 1% while dollar index that measures the greenback against a basket of currencies was seen recovering above 104 mark. COMEX gold was currently down 0.11% at $1785.80 an ounce.