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Gold prices subdued on US treasury yields rise

Gold prices (XAU/USD) were subdued on Monday, down about 0.3% to $1,970, pressured by a moderate rise in U.S. Treasury yields and market caution ahead of two high-impact events on the U.S. economic calendar this week: the latest consumer price index report on Tuesday and the Federal Reserve’s interest rate announcement on Wednesday.

Persistently elevated inflation may compel the central bank to maintain a restrictive stance for a long stretch, creating headwinds for precious metals.

The second major market catalyst this week will be the FOMC decision. In terms of expectations, the Fed is forecast to keep interest rates at their current level of 5.00%-5.25%, but the pause could be short-lived, with policymakers resuming hiking in July in the face of resilient economic data.

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