Gold drops 1% to hit the lowest since early December. The US dollar extends last week’s bounce, pushing gold lower. The greenback gains ground on rising US yields. Gold is on the offer, with the dollar charting an oversold bounce alongside an uptick in Treasury yields. The safe-haven yellow metal is trading at $1,829 per ounce at press time, representing a 1% loss for the day. Prices fell to $1,817 a few minutes ago to hit the lowest level since Dec.2. Gold’s biggest nemesis, the dollar index, which tracks the greenback’s value against majors, jumped to more than two-week highs near 80.40 early today, extending the rebound from the multi-year low of 89.21 reached last Wednesday. The greenback looks to be tracking the US Treasury yields. The 10-year yield jumped more than 20 basis points to 1.12% lat week. Meanwhile, the yield curve, as represented by the spread between the 10- and two-year yields, steepened to the highest level since 2017. Besides, a rise in borrowing costs is considered bearish for gold, a zero-yielding inflation hedge. A continued rise in yields could have a bearing on equity markets, leading to a more substantial bounce in the US dollar. However, haven demand may restrict gold’s losses. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/CAD Price Analysis: Daily bullish W-formaiton in focus FX Street 1 year Gold drops 1% to hit the lowest since early December. The US dollar extends last week's bounce, pushing gold lower. The greenback gains ground on rising US yields. Gold is on the offer, with the dollar charting an oversold bounce alongside an uptick in Treasury yields. The safe-haven yellow metal is trading at $1,829 per ounce at press time, representing a 1% loss for the day. Prices fell to $1,817 a few minutes ago to hit the lowest level since Dec.2. Gold's biggest nemesis, the dollar index, which tracks the greenback's value against majors, jumped to more than two-week highs… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.