FX.co ★ Dollar, Crude Dim Gold's Dazzle

Gold futures extended losses on Wednesday amidst the burden of a resurgent Dollar and crude oil supply jitters that threatened to trigger another spiral of fuel-fed inflation.

Fears of the Fed keeping interest rates higher for longer supported the Dollar, lifting the Dollar Index which measures the U.S. dollar's strength against a basket of 6 currencies. The Index is currently at 104.76 versus the high of 104.91 touched on Tuesday, a level last seen in mid-March.

Bond yields remaining high also spotlighted the high opportunity cost of holding the non-interest yielding yellow metal. U.S. ten-year bond yield is currently at 4.25 percent, versus the recent peak of 4.37 percent touched a few weeks earlier, that was the highest since November 2007.

Gold Futures for December settlement declined 0.14 percent to trade at $1,949.95. The day's trading range has been between $1,946.15 and $1,953.65.

Spot Gold shed 0.10 percent to trade at $1,924.26 per troy ounce. The day's trading range has been between $1,921.19 and $1,928.50.