A rise in US Treasury yields and a strengthening USD weighed on Gold. However, the macro backdrop remains supportive for the yellow metal, strategists at ANZ Bank report.
Expectations around the Fed’s stance to guide Gold in the short-term
“Gold prices came under pressure amid mounting expectations of US rates staying higher, which gave fresh support to the USD. Rising US yields weighed on the non-yielding yellow metal, as it increases the opportunity cost.”
“While market expectations around the Fed’s stance are likely to guide Gold in the short-term, we see the macro backdrop remaining supportive for Gold with the Fed pausing its hiking cycle and the USD resuming its downtrend.”
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