Precious Metals Preview: Gold Eases Further Below $1840 Mark

1 Jun 2022 , 09:10 AM

Gold futures fell further below $1840 mark on Wednesday as dollar remained firm tracking higher treasury yields. COMEX gold fell to a low of $1835 levels and is currently quoting at $1839.20 per pound. Meanwhile, the dollar index, which measures the greenback against a basket of currencies is quoting at 101.90 after spiking above 102 mark overnight. Dollar tracked benchmark treasury yields that were hovering around 2.8% after U.S. President Joe Biden stressed that he respects the central banks independence but also affirmed a ?laser focus on addressing inflation? ahead of the November midterms. Besides, improving risk sentiment as China ended its two month long Covid lockdown on Wednesday could further weigh on the yellow metal. Powered by Commodity Insights