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Asian Stocks Fall as Surging Bond Yields Rattle Markets 
Gold Holds Near $4,275 as Rising Treasury Yields Fuel Fed Rate Hike Bets 
European Stocks Fall as Bond Yields and Geopolitical Risks Weigh 
Fed Unveils Stablecoin Rules Under GENIUS Act 
Asian Currencies Mixed as Dollar Holds Near Two-Month High 
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Gold prices remained mostly stable during Asian trading on Wednesday as investors stayed cautious amid ongoing geopolitical tensions and concerns over persistent U.S. inflation. Market participants closely watched developments surrounding the stalled U.S.-Iran negotiations and an upcoming meeting between former U.S. President Donald Trump and Chinese President Xi Jinping.
Spot gold slipped 0.2% to $4,705.50 per ounce, while U.S. gold futures gained 0.6% to trade at $4,713.00 an ounce. Despite safe-haven demand, bullion prices have remained rangebound this week due to rising Treasury yields and a stronger U.S. dollar.
Investor sentiment weakened after Trump stated that talks with Iran were on “life support” following Tehran’s rejection of a U.S.-supported proposal intended to ease tensions and reopen the Strait of Hormuz. The ongoing Middle East conflict has continued to disrupt oil shipments through the strategic waterway, increasing concerns over global energy supply and inflationary pressures.
Markets are also focused on the May 14-15 summit between Trump and Xi in Beijing. Discussions are expected to include trade relations, Taiwan, the Iran conflict, and global supply chain stability. Traders are hopeful the high-level meeting could provide clarity on future U.S.-China relations and broader economic risks.
Meanwhile, recent U.S. inflation data added pressure to gold prices. Consumer prices rose 0.6% in April, while annual inflation climbed to 3.8%, marking the highest level since mid-2023. Rising energy costs linked to Middle East instability were a key driver behind the increase. Core inflation also exceeded forecasts, strengthening expectations that the Federal Reserve may keep interest rates elevated for longer.
A stronger dollar and higher borrowing costs typically reduce the appeal of non-yielding assets like gold. Investors are now awaiting U.S. producer price index data for additional signals on inflation trends and future Federal Reserve policy decisions.
Among other precious metals, spot silver rose 0.2% to $86.78 per ounce, while platinum fell 0.8% to $2,113.80 per ounce.
