Gold's persistent decline, reaching its lowest point since last September, is attributed to rising interest rates and decreased expectations for future rate cuts by the Fed.
Despite an interest rate cut from the Federal Reserve last week, market sentiment remains lackluster regarding the likelihood of further cuts, with odds dropping significantly.
The surge in Treasury yields, particularly for 2-year notes, hints that bonds may become more appealing, leading investors to potentially divert funds away from gold.
The market's rising risk appetite is illustrated by record highs in stocks and cryptocurrencies, which dilutes the appeal of gold as an investment choice.
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