Spot gold was up 0.7% at $1,632.83 per ounce after falling to its lowest since April 2020, while holdings of SPDR Gold Trust have fallen to their lowest since March 2020
Bengaluru — Gold bounced off a two-and-a-half-year low on Tuesday as a slight pullback in the dollar and US treasury yields helped tide over some pressure from prospects of more aggressive US rate hikes.
“[Gold] remains incredibly sensitive to both and we’re seeing a lot of volatility right now as markets increasingly price in much higher rates.” The benchmark 10-year treasury yield also retreated from a 12-year peak, reducing the opportunity cost of holding non-interest bearing gold. Gold, traditionally seen as a safe-haven asset, has failed to benefit from the recent rout in equities as investors flocked to the safety of the US currency amid hawkish stance on rates by the Fed.
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