Gold Prices Stabilize Near $4,350 Amid Surging Long-End Yields

International gold prices have stabilized near $4,350 per ounce in early Asian trading on Wednesday after retreating from an interim high of around $4,450 reached in early June.

The sharp adjustments in global bond markets sent long-term borrowing costs soaring and dampened gold's relative appeal as a non-yielding asset. Long-end yields have surged globally, with US 30-year Treasury yields briefly climbing to around 5.33%, the highest level since 2007, while Japan's 10-year government bond yield edged up to about 2.95%, hitting a nearly 30-year high.

Market analysts argue that the rapid rise in long-end yields does not necessarily reflect investors' renewed bets on substantial central-bank rate hikes, but rather structural factors such as fiscal financing, persistent inflation risks, and energy prices.