Gold sees muted moves, COMEX futures linger around $1990 per ounce

Published on Apr 24, 2023 13:06

Gold is seeing sustained selling pressure under $2000 mark on Monday amid persistent fears of a Federal rate hike. Hawkish comments from Fed officials and some stronger-than-expected economic data ramped up fears that the Fed will keep hiking interest rates this year. The global treasury yields jumped last week and the benchmark 10 year US yield shot up to a five week high above 3.60% as traders reassessed their US interest rate hike expectations. The dollar index, that measures the greenback against a basket of currencies is also lingering around 101.50, awaiting further clarity. COMEX gold is currently quoting near the flat line at $1991.40 an ounce.