Gold has reversed the early bounce and resumes the two-day decline, as Treasury yields regain upside momentum amid rising inflation expectations.
The XAU/USD pair dropped to a daily low $1,723 in the early European session but made a sharp U-turn in the last hour.
Open interest in Gold futures markets increased by around 1.2K contracts on Monday, reversing the previous build according to preliminary readings from CME Group.
Monday’s downtick in Gold prices was amidst rising open interest, allowing for the continuation of the recent weakness in the very near-term.
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