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Bloomberg
Gold trimmed a weekly gain as inflation-adjusted bond yields continued to advance, diminishing the appeal of the non-interest bearing asset.
The bullion sunk to a key resistance level as market-based measures of inflation expectations rapidly dropped, raising the real return of Treasuries. A decline in the bond’s nominal yields from a two-year high had helped gold advance
earlier in the week.
Gold managed to hold steady in 2022 even as central banks turn more hawkish. Volatility in stock market has helped spur demand for the haven, with the S&P 500 on course for its worst week in almost 15 months. Mounting geopolitical tensions between the US and Russia may also be providing some support.