COMEX Gold Down Nearly 1%

13 Jun 2022 , 05:00 PM

Gold futures fell further on Monday, down nearly 1% at $1859.55 an ounce after hovering near $1880 levels since weekend, triggered by a sell-off in equity markets that boosted the demand for the safe-haven commodity. However, the yellow metal lost sheen tracking broad gains in the US dollar that was pushed higher by rising treasury yields after hotter than expected inflation data showing the biggest surge since December 1981 drove expectations of an even more aggressive monetary tightening by the Federal Reserve. The dollar index, that measures the greenback against a basket of currencies is hovering at 104.68, tracking US treasury yields that is soaring past 3.2%. However, despite a sharp spike in dollar, correction in gold is somewhat limited, probably by a sharp sell-off in Bitcoin. Bitcoin is currently under $25000, lower by more than 10% on the day. Powered by Commodity Insights