Precious Metals Preview: COMEX Gold Sees Minor Bounce Towards $1860

10 May 2022 , 08:49 AM

COMEX Gold sees mild recovery after a drop to its lowest level in nearly a week in the previous session. The contract currently quotes at $1859.60 an ounce supported by easing US 10-year Treasury yields that dropped back to sub-3.0% levels after rising to the fresh high since November 2018 the previous day. The dollar index is seen consolidating near 20-year peaks above 103 mark. Dollar surged to its highest level in two decades yesterday, as investors flocked to the safe haven currency amid heightened uncertainty and treasury yields spiked to 3.2%. Russia-Ukraine war situation, rising Covid cases in China, global inflation concerns and US Fed aggressive on interest rates are driving investors demand for dollar. Investors now await fresh US inflation data due on Wednesday. Powered by Commodity Insights