Precious Metals Preview: Gold Hits Three-Week Low

19 Aug 2022 , 08:23 AM

Gold registered further decline in early Asia on Friday to its lowest level in three weeks tracking good recovery in US treasury yields and dollar index. The US dollar was firm for the third day in a row as investors clung to the safe haven currency for respite. Meanwhile, a hawkish fed in its recent minutes and continued rate hike stance pushed treasury yields higher, supporting dollar. US treasury yields were higher near 2.9% while dollar index that measures the greenback against a basket of currencies was up 0.09% at 107.51. The yellow metal was seen extending losing streak for the fifth day in a row, down 0.11% at $1769.20. Powered by Commodity Insights