Gold prices extended its decline as elevated treasury yields and a stronger Dollar continued to hammer gold prices. Although concerns on rising inflationary pressures could limit the downside in the precious metal as gold is often seen as a hedge against inflation, the higher treasury yields also resulted in higher opportunity costs of holding this non-yielding asset, thereby dampening the safe-haven’s appeal. Looking ahead, we maintain a bearish outlook on Gold prices, as the US fiscal stimulus measures could raise the prospect of Fed rate hike ahead of expectations, which could cause the Dollar to strengthen, making it more expensive to buy and hold gold in foreign currencies. #GOLD #XAUUSD