Gold extends a 2-day downward wave fuelled by a sharp rise in US 10-year yields, which broke above the 4.1% barrier today (the highest since the first half of December 2023). The macroeconomic backdrop in investors' assessment has changed, with money markets now pricing in a 'mere' 55% probability of the Fed deciding to make its first interest rate cut at the Federal Reserve's March meeting. As a reminder, just a week ago this value was hovering around 67%).
Gold's declines correlate with the valuation of US debt securities. At the moment, GOLD is approaching the psychologically important barrier around USD 2 000 per ounce.
Source: xStation
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