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.
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
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
a measure of the dollar against a half-dozen currencies.
“Gold held up surprisingly…