On Tuesday, the dollar index rose to 95.83 from a low of almost one week. In the US, 2-year and 10-year yields climbed to 2-year highs, as investors anticipate a more hawkish monetary policy from the Fed. The boost in the USD, as well as rising real yields, undermined the appeal of gold, which fell as low as $1,805 per ounce on Tuesday morning.
Even though a surge in Omicron cases is reported in the US and many other countries, the heavy lockdowns and restrictions of the pandemic seem to be a thing of the past, and the global economy is on the path to recovery. Safe-haven assets such as gold, lose their appeal as risk-appetite grows.
Gold price picked up a little later on Tuesday and is currently trading at the $1,815 per ounce level. If the price of gold climbs, it may find resistance at $1,829 per ounce, while if the price of gold decreases, the $1,800 level may provide support, while further down, support may be found at 1,782 per ounce.
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