Gold price falls and print daily losses as traders eye US economic data release

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• Gold retreats to $2,026.93, facing pressure from a strengthening US Dollar and Treasury yield uptick.
• Market reevaluates Fed rate cut timeline with June odds at 50% for a potential easing.
• The US 10-year Treasury yield hovering around YTD highs keeps Gold’s price capped.

Gold price retraces after hitting the 50-day Simple Moving Average (SMA) at $2,033.67 during the European session and is down 0.40% as the Greenback (USD) dives. However, a rise in the US 10-year Treasury yield and traders trimming their odds of a dovish US Federal Reserve (Fed) sponsored a leg down in the non-yielding metal. The XAU/USD trades at $2,026.93 after hitting a high of $2,037.07.