Gold holds above the key $1,700 mark. Nonetheless, economists at ANZ Bank expect the yellow metal to remain under pressure as the USD holds its ground.

US real yields and the US Dollar on a strong footing

“The hawkish tone of the central banks is keeping US real yields and the US Dollar on a strong footing.”

“While recession fears grow due to rising rates and sticky inflation, we should see some haven flows but not enough to reverse the bearish trend anytime soon.”

“We expect Gold to remain under pressure.”