Market Analysis: Gold Price Updates Minimum of the Year against the Background of Rising Yields of US Govt Bonds

<img src="https://images.unsplash.com/photo-1610375461246-83df859d849d?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wxMTc3M3wwfDF8c2VhcmNofDF8fGdvbGR8ZW58MHx8fHwxNjkyNjA4NDAwfDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=2000" alt="Market Analysis: Gold Price Updates Minimum of the Year against the Background of Rising Yields of US Govt Bonds" /><p>Treasury yields are rising, especially for long-term periods. For example, the yield on 10-year bonds today is 4.28%, and a month ago it was 3.88%, a year ago, 3.02%. Barron&apos;s writes that yields may continue to rise amid sustained inflation.</p><p>Rising US government bond yields are attracting investors who are diversifying their portfolios by moving capital away from the gold and equity markets, which is having a bearish effect on them.</p><p>So, according to information from MarketWatch, August could be the worst month in 2023 for the S&amp;P 500 index precisely because of rising bond yields.</p><p>And according to Bloomberg, at the end of last week, the assets of exchange-traded funds (ETFs) investing in gold approached the level of 2.8 thousand tons, having updated the minimum since March 30, 2020.</p><p>Today, as the chart shows, the price of gold has updated the minimum of the year.</p><p><strong>Bearish arguments:</strong><br>→ The price dynamics is developing within the bearish channel, which has been in effect since May.<br>→ The price has consolidated below the psychological level of 1900 dollars per ounce, from which we can now expect resistance to the price increase.</p><p><strong>Bullish arguments:</strong><br>→ The market is oversold, as evidenced by the daily RSI indicator. Therefore, the probability of a bullish correction increases.</p><p>This week, the BRICS summit and the Jackson Hole conference will take place, the news from which can have a significant impact on the price of gold.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/08/211.png" alt="Market Analysis: Gold Price Updates Minimum of the Year against the Background of Rising Yields of US Govt Bonds" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/08/211.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/08/211.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/08/211.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/08/211.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>And according to MarketWatch, August could be the worst month in 2023 for the S&amp;P 500 precisely because of rising bond yields.</p>