Precious Metals Preview: Gold Attempts To Hold Above $1670 Mark

30 Sep 2022 , 08:53 AM

Gold prices are seen recovering from two and half year lows helped by dollar that is seen off recent peaks. A spike in dollar index to fresh two decade peaks above 114 following a hawkish Fed has weighed heavily on the yellow metal that is still on track for a sixth straight month of losses. In September alone, the bullion is down 3.8%. Elevated U.S. Treasury yields, with the 10-year rate remaining close to a 12-year high and dollar surge kept the yellow metal under pressure through the period. However, dollar index that is trading marginally weaker in early Asia is supporting the commodity. Gold futures are currently up 0.13% at $1670.85 an ounce. Powered by Commodity Insights