Gold Holds Steady Amidst Surging U.S. Treasury Yields Ahead

On Tuesday, gold prices strengthened despite U.S. Treasury yields reaching their highest point in nearly 16 years. This non-yielding asset held its position, as investors eagerly awaited this week's central bankers' meeting for insights into potential changes in interest rates.

XAUUSD SELL 1895 -1897🕯

✅ TP1: 1889
✅ TP2: 1882

⚠️ SL: 1905

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評論:

* Spot gold, denoted as GOLD, maintained its position at $1,894.91 per ounce as of 0117 GMT, remaining slightly above the five-month low of $1,883.70 reached last week. Meanwhile, U.S. gold futures, represented as GOLD, saw a 0.1% increase, reaching $1,923.90.

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* On Monday, gold closed with a gain of approximately 0.3%, marking its most substantial daily increase in over two weeks, following a streak of losses spanning five consecutive sessions.

* The yield on 10-year Treasury notes reached levels last observed during the Great Financial Crisis in November 2007, fueled by the robust performance of the U.S. economy, which reinforced expectations that the Federal Reserve will maintain higher interest rates for an extended period.

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* To gain insights into the trajectory of interest rates, market participants will closely watch remarks from Federal Reserve Chair Jerome Powell during a gathering of central bankers in Jackson Hole, Wyoming, this Friday. Elevated interest rates contribute to higher bond yields, diminishing the appeal of non-yielding gold.

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The global stock market rally is showing signs of weakening, as increasing bond yields, elevated energy costs, and heightened concerns regarding China's economic stability are eroding investors' willingness to take risks, despite months of gains in equity markets.