Gold Rebounds On Dollar Pullback

Gold rebounded on Tuesday, after having fallen around 1 percent in the previous session in the wake of hawkish comments from St. Louis Fed President James Bullard.

Spot gold climbed 0.8 percent to $1,754.76 per ounce, while U.S. gold futures were up 0.8 percent at $1,753.40.

The dollar fell against its rivals today as optimism surrounding China’s reopening offset rate-hike fears.

U.S. Treasury yields pulled back despite U.S. Fed officials James Bullard and John Williams reiterating their hawkish stance on further rate hikes.

Euro zone government bond yields fell broadly after inflation in Spain and in Germany’s most populous state came in below expectations.

Financial markets ae excited about some sort of reopening in China, apparently to quell public anger against COVID-19 curbs.

China reported a slight dip in new COVID-19 infections and also stepped-up support for the country’s property sector, further aiding risk sentiment.