What gold price needs to break out of its range – Peter Hug

Rising yields and a stronger dollar from earlier this week have put pressure on gold, but the long-term macroeconomic fundamentals have not changed for the metal’s bullish outlook, said Peter Hug, Kitco Metals global trading director, who added that we are still in the early innings of a bull cycle.

“I think gold has been mirroring the dollar, and the dollar has been strengthening at the beginning of this week on the 10-year [yield] surging. Last Friday, when we spoke, the 10-year was trading around 1.12%, 1.14%, it’s now at 1.32%. So the yields on the 10-year have been going up this week and that has moved some assets into the dollar,” Hug said.
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