Gold Price Capped by Strong US Dollar and Elevated Yields

The Gold price remains capped as the US Dollar and bond yields continue to soar.

A resilient USD has kept any meaningful appreciation for gold elusive, despite a modest Asian session dip in the metal's price.

Elevated US bond yields remain supportive of the prevailing strong bullish sentiment surrounding the USD, further underpinning the safe-haven buck and keeping a lid on any significant gains for the non-yielding yellow metal.

The US Bureau of Economic Analysis reported that the Personal Consumption Expenditures (PCE) Price Index rose 3.4% YoY in August, unchanged from the previous month's downwardly revised reading and missed estimates of a 3.7% print.