Gold price punished by strong U.S. dollar, rising bond yields

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Global stock markets were mixed but mostly lower overnight. U.S. stock indexes are pointed to lower openings and two-month lows when the New York day session begins. The marketplace is more anxious late this week, after absorbing a hot U.S. consumer price index report on Tuesday. Traders are focusing on next week’s FOMC meeting that begins Tuesday and ends Wednesday afternoon. The FOMC is expected to raise the key U.S. Fed funds rate by 0.

The key outside markets today see Nymex crude oil prices firmer and trading around $86.00 a barrel. The U.S. dollar index is up in early U.S. trading. The yield on the 10-year U.S. Treasury note is fetching 3.463%. The 2-year U.S. Treasury note yield climbed to 3.901%, which is the highest level since 2007.

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