Gold Prices Fall Below $4,500 as Treasury Yields Recover

Gold prices fell below $4,500 on Tuesday due to a recovery in US Treasury yields. This rebound has strengthened the dollar and increased the opportunity cost of holding non-yielding assets like gold.

The recent correction is primarily attributed to the increase in 10-year Treasury yields, which have climbed back above 4.3%. This has put pressure on XAU/USD as a stronger dollar makes gold more expensive for foreign buyers.

From a technical standpoint, gold's break below $4,500 signals a potential short-term bearish correction. Immediate support is seen at the $4,450 area, followed by the $4,400 zone. On the upside, resistance is now at the $4,500-$4,520 range.