Commodities
Gold Holds Ground as Yields Surge
The gold price has avoided a potential breakdown despite a surge in yields, according to FOREX.com.
The XAU/USD (gold) price has been closely watching the 10-year US Treasury yield, which rose significantly last week. The yield increase was largely driven by the Federal Reserve's announcement of its rate-hiking plans.
The gold price initially fell alongside the rise in yields but managed to recover and close above key support levels at around $1,880 per ounce. This development has raised hopes that gold may continue to defy expectations and maintain its current momentum.