Gold prices retreated on Monday due to rising US Treasury bond yields after Federal Reserve (Fed) officials decided to keep rates unchanged and revised their expectations on rate cuts from three to one later in the year.
Gold price starts week on back foot as high US yields dent appetite for the non-yielding metal. Fed officials signal only one rate cut in 2024 via Minneapolis Fed's Neel Kashkari. Upcoming US economic data releases, including Retail Sales and Industrial Production, to influence Gold price. Precious metals traders await US Retail Sales and Industrial Production on June 18.
holdings held steady at 72.80 million troy ounces of Gold in May. Daily digest market movers: Gold price flops on higher US yields Rising US Treasury yields remained high, capping Gold’s advance. The US 10-year T-yield is up almost six bps to 4.281%. US Dollar Index decreased by 0.18% to 105.34, putting a lid on Gold price. Despite US CPI report showing disinflation process continuing, Fed Chair Jerome Powell commented that they remain “less confident” about the progress on inflation.
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