Gold Stabilizes Amid Easing Crude Prices

Gold's price held steady on Friday after two days of losses, as US bond yields remained high and inflationary concerns continued to mount. This increase in likelihood of further tightening by the Federal Reserve and other major central banks supported Gold.

The XAU/USD pair traded at $4,280, having reached a low of $4,254 earlier in the day. The yellow metal's recovery was attributed to easing crude prices, with West Texas Intermediate (WTI) down over 3% to $91.00 per barrel. This decrease in oil prices offset stubbornly high Treasury yields.

The US Dollar Index (DXY), which tracks the buck's performance against a basket of six currencies, fell 0.22% to 101.02. The US 10-year Treasury yield edged down nearly 2 basis points to 5.192%, despite traders increasing bets that the Federal Reserve will continue to tighten monetary policy.