Gold Bounces Off Four-Week Low as Dollar Eases

Gold prices rebounded from their four-week low to trade above $4,320 in European hours after a mild pullback in the US Dollar.

The upside remained capped due to rising crude oil prices, which hit their highest level since July 24, fueling inflation concerns and solidifying expectations of a US Federal Reserve rate hike in September.

The geopolitical backdrop also supported the safe-haven Greenback, weighing on non-yielding bullion. A global bond sell-off pushed the US 10-year Treasury yield to its highest level since January 2025.

Societe Generale flagged vulnerability in the long end of the US curve and predicted that US 10-year yields could move towards 5%.