Gold under pressure in Asian trades
Published on Oct 10, 2022 12:50
Revival in the dollar index towards its recent peaks is seen adding pressure on gold prices under $1700 mark in early Asia on Monday. Report showed that the U.S. labor market remained resilient, giving the Fed enough space to keep tightening policy sharply as it struggles to combat inflation. Sharp gains in benchmark treasury yields on expectations of further rate hike also propped up gains in the greenback. US treasury yields are holding at 3.88% while the dollar index that measures the greenback against a basket of currencies rebounded to 112 levels, having fallen to below 110 levels last week. Meanwhile, COMEX Gold futures are currently quoting down 0.62% at $1698.60 an ounce.
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