Gold decline seems corrective, still has room to test the $2,000 threshold
soft tone throughout the first half of the day, as investors held back ahead of the European Central Bank monetary policy announcement. Thewas the first catalyst for the dollar’s advance, as the decision disappointed those looking for hawkish hints. European policymakers left the current policy unchanged, showing no urge to speed up the pace of tightening. Opposite to what happens in the US as more and more Federal Reserve officials join the 50 bps rate hike train as time goes by.
The American currency extended its positive momentum as US government bond yields jumped back towards their recent multi-year highs amid inflation-related concerns. The yield on the 10-year US Treasury note peaked at 2.812% and currently hovers around 2.80%, while that on the 2-year note is now at 2.437%. Demand for the greenback eased mid-US session, as investors finished digesting news. That is helping gold to hold at the upper end of its weekly range.
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