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Gold climbs toward $4,165 as Treasury yields ease

The 10-year Treasury yield fell more than 2 bps to 5.286%, helping gold rebound before the release of FOMC Minutes later Wednesday.

Reported · Written up by our desk · Precious Metals

Gold rose to near $4,165 in early Asian trading on Wednesday, rebounding as long-dated US Treasury yields eased from Monday’s multi-decade highs and oil prices fell, according to FXStreet.

The outlet said the benchmark 10-year Treasury yield dropped more than 2 basis points to 5.286% after topping its highest level since April 2002, while the 30-year yield fell to 5.661% after reaching levels last seen in May 2002.

FXStreet also noted that the 2-year Treasury yield declined more than 3 bps to 4.798%, which helped ease concerns about inflation and the prospect of additional Federal Reserve rate hikes.

Traders are also looking ahead to the FOMC Minutes due later on Wednesday, with CME FedWatch indicating about 79.5% odds the Fed will keep rates unchanged at its October meeting.

Latest closeGold $4,150.40 ▼0.3%

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