Germany 5-y Note Auction: 2.72% vs 2.4%

Gold recovers a major part of intraday losses and climbs closer to the $4,400 mark heading into the European session, though any meaningful recovery still seems elusive. The Iran war continues to fuel inflation fears, curbing bets for interest rate cuts, and could act as a headwind for the non-yielding yellow metal. Furthermore, the emergence of some US Dollar buying might further contribute to capping the upside for the commodity.

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