Gold prices hold near record highs, amid high US bond yields
Gold prices hold near record highs, as investors seem unfazed by high US bond yields Gold (XAU/USD) attracted some dip-buying during the Asian session on Tuesday and remained well within striking distance of fresh record highs, around the $2,740-$2,741 area touched the previous day. Uncertainties surrounding the US Presidential election on November 5, coupled with broader Middle East conflict risks and expectations of interest rate cuts by major central banks, continued to lend some support to the safe-haven precious metal.
Meanwhile, the US Dollar (USD) held firm near its highest level since early August amid a recent surge in the US Treasury bond yields, supported by bets for a smaller rate cut by the Federal Reserve (Fed) in November. This, along with slightly overbought conditions on the daily chart, might hold traders from placing fresh bullish bets around Gold prices and cap gains in the absence of any relevant market-moving US economic data.
Source: FXStreet