Gold instead of bonds
Markets believe there is an 87.2% likelihood that the Federal Reserve will increase its key interest rate by 0.25% at its 2-3 May meeting. Investors' confidence that the US regulator's rate hike cycle is near an end is supporting the price of gold. What's more, investors are flocking from certain Treasury bonds due to growing concerns that the US Department of Treasury could hit the country's debt limit in coming months. This is having a positive effect on precious metal prices.
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