Precious Metals Preview: Gold Struggling Near $1720 Levels

12 Sep 2022 , 08:59 AM

Gold is seen struggling near $1720 levels in early Asia on Monday despite a sharp decline in the dollar index. The dollar index is off its recent peaks near two decade highs that helped rally in gold prices on Friday. However, the yellow metal lost its sheen and is currently quoting lower by 0.28% at $1723.75 an ounce. Meanwhile, the dollar index that measures the greenback against a basket of currencies is seen down 0.24% at 108.46 even as treasury yields stay firm near 3.3% ahead of crucial inflation data due this week. Higher yields building expectation of interest rate hikes are likely to dent bullion prices. Powered by Commodity Insights