Gold prices in Asia saw a rebound today, following a decline overnight. The rise in prices is attributed to the strength of the US dollar and an increase in Treasury yields. These factors come after Fitch downgraded the US credit rating and better-than-expected jobs data. Gold has often been seen as a safe haven investment, which tends to perform well when the dollar and Treasury yields are weak. However, according to Daniel Dubrovsky, a contributing senior strategist at Daily FX, the outlook for gold seems bearish despite the recent rebound. He points to retail traders’ response, as they have become more bullish on the precious metal. Dubrovsky sees this as a warning sign that further losses may be on the horizon. Currently, spot gold has risen by 0.2% and is priced at $1,937.62 per ounce.
Gold Rebounds in Asia on Dollar Strength and Rising Treasury Yields
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