Gold Ticks Up 1% Amid Oil Price Spikes and Treasury Yields Surge

Gold prices ticked up 1% on Wednesday to $4,399.14/oz as the US dollar remained subdued, while oil prices hit a seven-month high and Treasury yields surged.

The move came as traders digested a combination of factors, including elevated oil prices, a slide in U.S. bonds, and muted dollar activity.

Traders also geared up for key inflation data over the next two days that could cement Federal Reserve rate hike expectations.

'Gold, and silver for that matter, have shown a strong inverse correlation to the U.S. dollar ever since both metals plunged in early February after surging to all-time highs at the end of January,' said David Morrison, senior market analyst at Trade Nation.