Gold prices rallied overnight to the highest level traded at since November 2021 after a pullback in yields provided cover for bulls to mount an attack. The yellow metal has held up fairly well in recent weeks relative to stocks and other high-beta assets. The hawkish shift in the outlook on interest rates has caused a fundamental repricing through most asset classes. The main underlying driver of that repricing has been the steep rise in Treasury yields. Those higher yields serve as a headwind to most asset classes, particularly non-interest-bearing instruments.
