Precious Metals Preview: COMEX Gold Falls Near Two Week Low

25 Apr 2022 , 12:25 AM

Strength in the US dollar added pressure on Gold on Friday, putting the bullion on course for its first weekly loss in three. The US dollar edged higher tracking benchmark treasury yields higher as Fed chief Jerome Powell added to expectations for aggressive Federal Reserve monetary tightening. The benchmark 10-year US Treasury yield climbed near 3%, around its highest level since December 2018. Meanwhile, the Dollar Index, which tracks the greenback against a basket of six other currencies, traded near two-year high of 101. Gold futures fell near a two week low amid these cues, witnessing heavy selling after gains earlier in the week. The yellow metal almost hit the $2,000 mark on Monday over safe-haven demand and increasing worries over inflation. The MCX Gold futures extended the slide under Rs 53000 per 10 grams.

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