Precious Metals Preview: Gold Edges Higher As Dollar Turns Weak

22 Nov 2022 , 09:04 AM

Gold edged higher in early Asia on Tuesday, tracking weakness in the US dollar overseas that snapped its three day winning streak. The dollar index tracked US treasury yields lower as the latest comments from the Federal Reserve (Fed) officials failed to bolster the previously hawkish bias. Cleveland Fed President Loretta Mester said the central bank can downshift to smaller interest rate hike increments from next month. The US 10-year Treasury yields printed the first daily loss in four, down one basis point near 3.81%. Meanwhile, dollar index that measures the greenback against a basket of currencies was down 0.25% at 107.46. COMEX gold added 0.28% at $1744.40 an ounce. Powered by Commodity Insights