Precious Metals Preview: COMEX gold and silver futures break crucial threshold to trade under $4k and $60 per ounce mark respectively
COMEX gold and silver futures are plunging below crucial levels in early Asia on Thursday tracking robust strength in dollar overseas. Possibility of more than one Federal rate hike this year to tame soaring inflation is seen propping dollar and weighing on dollar denominated assets. The dollar index is trading above 101 mark and yield on the US 10-year Treasury note is also hovering around 4.4% this morning. Investors also continued to evaluate the outlook for Federal Reserve policy ahead of a key US inflation report that could help shape expectations for interest rates. Gold futures slipped below $4k mark and silver extending decline under $60 an ounce mark and are both trading at their lower levels for this year so far.
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