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Gold prices dip on rising US bond yields

Gold prices decline, hindered by rising US bond yields and the greenback’s resilience; XAU/USD is down 0.50%.

Gloomy global economic outlook impacts sentiment, with disappointing export data from China and broadened US trade deficit.

The US dollar gains momentum as the US Dollar Index (DXY) pares earlier losses, adding pressure on gold prices.

Gold price retraces after facing solid resistance at the confluence of technical indicators, as well as weighed by rising US Treasury bond yields and a gloomy global economic outlook, with China’s export falling more than estimates.

The XAU/USD is trading at $1952.36, down 0.50%, after hitting a daily high of $1970.15.

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