Gold prices were lead a wild ride on Thursday as the yellow metal evaporated all its intraday gains to wrap up the trading session. Once again, XAU/USD succumbed to rising Treasury yields and a turnaround in the US Dollar.
The 10-year Treasury yield rallied today following still-hawkish commentary from Federal Reserve officials. Philadelphia President Patrick Harker noted that they will likely raise rates to “well above” 4 percent this year, opening the door to doing more as needed.
