Gold traded back steady after a sharp decline amid a strengthening US dollar and higher US bond yields.
The yellow metal fell touching a nearly two -week low of $ 1,940 on Wednesday, before recording a rebound to trade at around $ 1,955 an ounce during today’s Asian trading session.
The decline in US 10 -year bond yields and the US dollar following profit -taking by investors, has benefited gold to rebound.
However, the gains recorded were limited as bond yields and the king of the currency remained strong at record highs.
Expectations of a more aggressive tightening in monetary policy by the Federal Reserve (Fed) continue to support the USD to strengthen, causing gold’s attractiveness to diminish for holders of other major currencies.
Even so, the continuing uncertainty in the Russia-Ukraine conflict and the surge in global inflation helped restrain the safe-haven metal from falling lower.
In the latest development, the Russian military said it would seize the Mariupol steel plant which was the last major defensive stronghold after Ukraine proposed negotiations on relocating troops and civilians there.
