Gold price rises to near $2,170 per troy ounce, reclaiming losses from the previous two sessions.
Gold price edges higher on subdued Greenback on Monday. The US Dollar receives downward pressure on speculations of the Fed initiating rate cuts from June. Gold price could face challenge as US Treasury yields move lower on improved risk sentiment. The uptick in Gold prices can be attributed to a weaker US Dollar , which is influenced by the dovish sentiment surrounding the Federal Reserve's stance on interest rate trajectory.
Indeed, the decline in US yields indicates a shift in investor sentiment toward US Treasury bonds, potentially posing a challenge for non-yielding assets like Gold. With the 2-year and 10-year yields on US Treasury bonds holding steady at 4.60% and 4.21%, respectively. Investors may find the relative safety and stability of bonds more attractive compared to Gold. The upcoming US inflation readings are expected to have a significant impact on the prices of the precious metal.
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