• Gold prices ascend, aiming for the $2,200 mark, buoyed by expectations of a Fed rate cut.
• A dip in US Treasury yields to 4.19%, slight decrease in real yields enhance Gold's appeal as a safe-haven.
• Traders eyed Fed Governor Christopher Waller's speech and upcoming core PCE data for potential cues on monetary policy direction.

Gold prices climbed steadily during the North American session on Wednesday as buyers targeted the $2,200 figure. A scarce economic calendar in the United States (US) prompted investors to buy the yellow metal on the back of rising speculation of a rate cut in June by the Federal Reserve (Fed). At the time of writing, the XAU/USD trades at $2,192, posting gains of 0.63% or $13.

The fall of US Treasury yields underpins the price of the non-yielding metal. The US 10-year benchmark note rate sits at 4.19%, down four basis points. Consequently, US real yields edged lower from 1.914% on Tuesday to 1.87% as of the time of writing, a headwind for the Greenback.

The US Dollar Index (DXY), which measures the Greenback’s performance against the other six currencies, trades flat at 104.30, a headwind for the non-yielding metal.

The US economic docket is scarce, with just a speech by Fed Governor Christopher Waller at around 22:00 GMT. The highlight of the week will be the release of the Fed’s preferred gauge for inflation, the core Personal Consumption Expenditures (PCE) report, on Friday.

In addition, the current week’s economic calendar will feature University of Michigan Consumer Sentiment, Initial Jobless Claims, and the release of the final reading of the Gross Domestic Product (GDP) on Thursday.