COMEX Gold Regains $1850 Levels

11 May 2022 , 05:00 PM

Gold gained 0.6% to $1,852.50 on Wednesday supported by a pullback in the dollar and US Treasury yields, while investors awaited US inflation data that could determine how aggressively the Federal Reserve will hike interest rates. Dollar pulled back from above 104 levels although the currency continues to hold near two-decade highs. DXY, which measures the greenbacks strength against a basket of six currencies, was on the back foot, slipping 0.28% to 103.65. Bond yields too have cooled as focus of global markets turn to US inflation number for April due for release on Wednesday. US benchmark treasury yields shed 2.5 basis points (bps) to 2.966%, after hitting a high of 3.2% on Monday, its highest level since 2018. Meanwhile, Chinas consumer price index climbed 2.1% on year as against market consensus of 1.8% whereas the producer price Index crossed 7.7% expectations with the 8.0% yearly figures benefitting the yellow metal. Powered by Commodity Insights