Precious Metals Preview: Gold lacks luster, pressured by dollar strength

COMEX gold is seen lacking luster and steadying within a narrow range as dollar index continues to stand tall at elevated levels tracking higher US treasury yields. Currently, the counter is quoting at $2660.30 an ounce, down 0.19% on the day. The US 10-year T-note yield soars six and a half bps to 4.691%. The US Dollar Index (DXY), which tracks the buck?s performance against a basket of six currencies, edges up by 0.10% at 108.50. Meanwhile, US data showed the ISM Services PMI in December increased by 54.1, exceeding forecasts of 53.3 and November?s 52.1 reading, weighing on expectations for further easing by the Federal Reserve. Ahead this week, the ADP employment change, Initial jobless claims figures, the Fed?s last meeting minutes and December?s US Nonfarm Payrolls report will be watched for.

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