XAUUSD

The precious metal lost value alongside rising US Treasury yields following Fed Chair Powell's speech, which contained a message of "higher rates for a longer time" and dashed the markets' dovish expectations. As a non-yielding asset, Gold has diminished in appeal with the strengthening expectations of tight monetary policy, and now eyes are turned to the US JOLTS Job Openings data to be announced in the evening. Data indicating a strong labor market has the potential to support Powell's stance, continuing the selling pressure on Gold.