Investors are also bracing for a 75-basis-point interest rate hike by the Federal Reserve this week
Bengaluru — Gold prices steadied after early losses on Monday, buoyed by lower Treasury yields and a slight pullback in the dollar, while investors braced for a 75-basis-point interest rate hike by the US Federal Reserve this week.
The dollar was down 0.1% against its rivals, making greenback-priced bullion less expensive for buyers holding other currencies, while the benchmark US 10-year Treasury yields hovered near eight-week lows. The main focus this week will be on the US central bank's two-day policy meeting, which concludes on Wednesday, and markets are pricing in a 75-bp rate hike.
Though gold is seen as a hedge against inflation, rising interest rates increase the opportunity cost of holding bullion.
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