Gold Responds to The Longest Treasury Yields Rise on Weekly Line Since 1955.

Gold lost all its intraday gains on Thursday to end the trading session. XAU/USD yielded to the rising Treasury yields and a change in the US Dollar again.

The 10-year Treasury yield rose a bit today after a hawkish response from Federal Reserve officials. Also, Philadelphia President Patrick Harker affirmed the probability of raising rates above 4 percent this year.

The 10-year rate seems to be at its longest consecutive rally since 1955 weekly. Moreover, for the first time since May, markets have begun pricing more than 2 hikes in 2023. The overnight price reversal and other developments do not augur well for gold ahead.

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