Precious Metals Preview: Gold Correction Limited As Dollar Takes Breather

14 Jun 2022 , 08:55 AM

Gold futures are lingering at sharply lower levels posted in the previous session, although a minor correction in the dollar is seen supporting the yellow metal to some extent. COMEX Gold is down 0.16% at $1828.90 an ounce. The counter settled down $43.70, or 2.3%, at $1,831.80 an ounce yesterday. Also aiding the precious metal is a sharp plunge in Bitcoin that slumped below $22,000, hitting its lowest level since December 2020. The dollar index, that measures the greenback against a basket of currencies is hovering at 105.08, tracking US treasury yields that is soaring past 3.3%. US dollar is 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 in its June monetary policy. Powered by Commodity Insights