Gold turn lower on Wednesday, pressured by broad-based USD strength and strong rebound in U.S. Treasury yields. Better-than-expected U.S. economic data backs case for Fed to remain on hawkish path. XAU/USD pivots lower.
Bond yields corrected lower in recent days on speculation that the Fed could pivot to a less aggressive stance in the near future amid growing stress in financial markets and fears of a global economic accident, paving the way for the U.S. dollar to pull back from its multi-decade highs set late last month. This situation bolstered gold andHowever, the situation changed on Wednesday after the U.S. currency managed to stage a solid comeback, supported by a jump in Treasury rates in the wake of.
and the economy holding up better than expected despite higher borrowing costs and other challenges, the Fed has no reason to deviate from its hawkish course, at least for now. This means that policymakers will likely press ahead with their plans for further hikes in the coming months to weaken demand pressures in their effort to bring down inflation, which remains more than 4 times above the central bank’s 2% target.
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