Gold futures skid to around 7-week low as yields, dollar pop

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Gold futures on Tuesday headed toward their lowest price in about seven weeks, weighed down by steadily rising U.S. Treasury yields and a strengthening dollar.

December gold
GCZ21,
-0.90%

GC00,
-0.90%

 traded $18.40, or 1.1%, lower to reach $1,733.60 an ounce, putting the precious metal on track to register lows not seen since around Aug. 10, FactSet data show. Bullion on Monday edged up less than 0.1% on Monday, even as Treasury yields were climbing a day ago.

However, on Tuesday the commodity succumbed to a rise in the benchmark 10-year Treasury note yield
TMUBMUSD10Y,
1.537%

to above 1.5%, amid expectations for tighter monetary policy, and a roughly 0.2% rise in the U.S. dollar, as gauged by the ICE U.S. Dollar Index
DXY,
+0.32%
,
a measure of the dollar against a half-dozen currencies.

“Gold held up surprisingly…

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