Gold Price Plunges Amid Hawkish Fed Outlook and Global Bond Rout

The price of Gold is experiencing its worst week in four weeks due to a hawkish US Federal Reserve outlook and a deepening global bond rout.

Despite a profit-taking bounce, Gold remains below $4,300, with the potential for further decline unless Oil prices extend their latest leg down or Middle East geopolitical developments improve.

The US Treasury bond yields remain elevated at multi-year highs, driven by surging Oil prices and inflation fears, while the US Dollar (USD) bulls take a breather after recent gains against major currency rivals.

Gold's price technical analysis shows a bearish near-term bias with spot capped beneath moving-average resistance, while the Relative Strength Index (14) remains in neutral-to-soft territory, hinting at selling pressure.