Gold Defies Yield Spike Amid US Treasury Buyback Plans

The US Treasury's announcement of a bond buyback has not deterred gold investors, who have seen the precious metal rise above $4,400 despite a jump in US Treasury yields.

The buyback aims to contain pressure across long-dated bonds, with the 10-year benchmark note up five basis points to 4.845% following the announcement.

Investors are keeping their eyes on Thursday's and Friday's US inflation data releases, which will have a significant impact on Fed rate hike odds, currently standing at 63%, according to Prime Terminal.