Gold: XAU Eases to 1-Month Low.

Gold prices fell over 1% to the $4,100 per ounce mark on Wednesday, the lowest in over one month, amid pressure from high interest rates. Long-maturity bond yields surged to multi-decade highs among the world's largest credit markets, raising the opportunity cost of holding non-interest-bearing assets and pressuring precious metals. Yields on US Treasuries surged further following strong growth and price data unveiled by ISM PMIs. Reinforcing this, minutes from the Fed's last meeting indicated that the FOMC reached a degree of consensus that more rate hikes are warranted to tame inflation. Meanwhile, the threat of soaring budget deficits in the US, France, and Japan was also responsible for lifting borrowing costs.