Gold: Higher yields cap bullion despite risk-on – Deutsche Bank
Par FXStreet Insights Team
Date de publication: 26 Feb 2026 | Date de modification: 26 Feb 2026
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Deutsche Bank’s Early Morning Reid notes that risk sentiment improved across equities and credit, but rising US Treasury yields and reduced odds of early Fed cuts weigh on Gold. The 10‑year Treasury yield rose to 4.05% as markets priced out H1 easing.
Deutsche Bank’s Early Morning Reid notes that risk sentiment improved across equities and credit, but rising US Treasury yields and reduced odds of early Fed cuts weigh on Gold. The 10‑year Treasury yield rose to 4.05% as markets priced out H1 easing. The bank also flags a soft 5‑year auction as a sign of waning demand for duration after the recent rally.
Bullion faces headwind from yields
"And with investors pricing out rate cuts, that meant US Treasuries struggled across the curve."
"So the 2yr yield (+0.9bps) was up to 3.47%, whilst the 10yr yield (+2.3bps) rose to 4.05%."
"The moves in the belly and at the long-end also weren’t helped by a soft 5yr auction that saw $70bn of bonds issued +0.7bps above the pre-sale yield, with primary dealer take up rising to its highest since last March."
"So some signs of a softening in Treasury demand after the recent rally, with a 7yr auction today the next test."
"Having said that, yields have edged back down just shy of a basis point this morning across the curve."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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