While the mixed concerns around the banking turmoil challenges the previous risk-on mood, the United States Treasury bond yields manage to extend the previous day’s corrective bounce, which in turn weigh on the Gold price.
That said, the US 10-year and two-year Treasury bond yields bounced off the lowest levels since September 2022 the previous day, mildly bid during the early Asian hours on Tuesday.
It should be noted that the recently hawkish bets on the Federal Reserve (Fed) also seem to prod the XAU/USD bulls ahead of Wednesday’s Federal Open Market Committee (FOMC) Monetary Policy Meeting. As per the latest read of the CME’s FedWatch tool, probability of witnessing a 0.25% Fed rate hike on Wednesday is 75%, up from the last week’s 65%.
Moving on, Gold traders should keep their eyes on the risk catalysts, as well as the US Treasury bond yields, for fresh impulse.
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