Gold trading failed to maintain the consolidation it achieved in early 2022 trading, plunging lower due to a surge in the greenback dollar and 10 -year U.S. treasury yields.
Gold, which initially touched $ 1,830 at the start of trading, returned sharply to $ 1,798 an ounce in the New York session.
The precious metal then rose slightly to trade around $ 1,806 per ounce in today’s Asian session.
The 10 -year U.S. treasury yield jumped higher to 1.64%, prompting the greenback dollar to rise evenly and sinking the trades of most major currencies lower.
The increase was driven by investor confidence that the Federal Reserve (Fed) will continue to be on track to raise interest rates in 2022 as expected at the last FOMC meeting.
Meanwhile, the surge in Covid-19 cases due to the Omicron variant has led to delays in school openings and most companies encourage employees to work from home.
However, the government’s refusal to re-implement the Covid-19 ban resulted in gold trading failing to make a profit.
