Pressure on Gold Remains Negative
Gold prices rose at the beginning of this week's trading, as both the US dollar and Treasury bond yields declined because of weaker economic readings, which cast doubts about whether the Federal Reserve might adhere to its strict political expectations.
Supporting safe-haven gold, the spread between the two-year and 10-year US Treasury yields reached its widest range since 1981, reflecting fears that the Fed's extended tightening cycle will push the US economy into recession. Meanwhile, futures markets have reflected on the interest rate cuts at the Federal Reserve's recent September meeting in May, and now expect the first cuts to come in January.
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