Precious Metals Preview: Gold Rebounds From Two-Week Lows

2 Jun 2022 , 09:09 AM

Gold rebounded from two-week lows although a strong dollar is likely to keep momentum in the yellow metal subdued. COMEX Gold recovered from overnight lows of $1830 levels and reclaimed $1850 mark on Thursday. Meanwhile, the US dollar index continues to hover around 102 levels on Wednesday, tracking higher benchmark treasury yields. US 10-year treasury yields have been rising as the U.S. Federal Reserve has raised interest rates quickly in an attempt to bring soaring inflation under control. The US 10-year yield lifted 2.94% after a report released by the Institute for Supply Management on Wednesday showed U.S. manufacturing activity unexpectedly expanded at a slightly faster rate in the month of May fanning fears of aggressive rate hike. The ISM said its manufacturing PMI inched up to 56.1 in May from 55.4 in April, with a reading above 50 indicating growth in the sector. Powered by Commodity Insights