Gold resumes its corrective slide from last week’s 3-month highs after a renewed selling pressure on Tuesday. The Metal finds it difficult to get back to its feet as it struggled to build on overnight rebound. It is now being drawn back by a strong follow-through buying interest in the US dollar. Furthermore, the increase in expectations for additional Fed rate hike and the recent hawkish comments by other FOMC members triggered a fresh upsurge in the US Treasury Bond Yields, affecting the precious metal price in the process. In absence of any major market moving economic releases, the metal remains at the mercy of USD/US bond yield dynamics as traders look forward to other US macro data, including the latest inflation figures.
