Gold price extends downside as US Dollar, yields recover ahead of Powell speech

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• Gold price drops to a near two-week low as investors channel funds into the US Dollar and bond yields rise.
• Geopolitical tensions stay more or less unchanged fading the appeal of Gold.
• Fed’s Kashkari acknowledges the need for more work to control inflation.

Gold price (XAU/USD) drops further as safe-haven demand diminishes amid no further escalation in geopolitical tensions. A recovery in the US Dollar and long-term bond yields further weigh on the precious metal.