Gold Tests $2,350 as Dollar Strength and Rate-Hike Bets Climb

Gold dipped below $2,400 on Tuesday morning as the US dollar strengthened and Treasury yields held near multi-week highs, reflecting market pricing of a more hawkish Federal Reserve trajectory. The gold ETF GLD fell 0.84% to $406.77, while the dollar ETF UUP gained 0.25% to $28.08. The inverse relationship between gold and the dollar remains intact, and with real yields creeping higher, the yellow metal faces headwinds until we get clarity on the Fed's next move.

Key Takeaways Gold ETF GLD fell 0.84% to $406.77, while the dollar ETF UUP rose 0.25% to $28.08. Treasury yields held steady at 4.78% on the 10-year and 5.25% on the 30-year, keeping real yields elevated. The $2,350 level is key supp…