Bets for more aggressive Fed rate hikes continue to act as a headwind for the metal.gains positive traction on the first day of a new week and hits a fresh daily high, around the $1,670 area during the early European session. The uptick, however, meets with a fresh supply at higher levels, with spot prices sliding back below the $1,665 level in the last hour.
In fact, the benchmark 10-year US Treasury note moves away from a 12-year high touched last Wednesday. Apart from this, concerns about a deeper global economic downturn and geopolitical risks provide a modest lift to the safe-haven XAU/USD. That said, the prospects for a more aggressive policy tightening by major central banks, including the Fed, should cap the non-yielding yellow metal.
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