XAU/USD is trading near $4,494.50, up $13.40, or 0.30%, with Kitco, TradersUnion, Investing.com, and Trading Economics all pointing to the same $4,493 to $4,495 price area. For the next 24 hours, the bias remains Neutral to mildly bearish, shaped mainly by elevated Treasury yields, a firm U.S. Dollar, Fed minutes risk, and cautious optimism around U.S.-Iran peace talks.

Key Market Developments, Last 24 Hours

Spot gold has steadied after briefly touching its lowest level since March 30. Reuters reported spot gold at $4,480.29 earlier today, while futures were down 0.6%, suggesting buyers are still active, but not yet strong enough to shift momentum decisively.

The U.S. Dollar remained close to a six week high, which continues to make gold more expensive for buyers using other currencies. This is a negative factor for XAU/USD, as dollar strength often limits upside in bullion.

U.S. 10 year Treasury yields also stayed near their highest level in more than a year, supported by energy driven inflation concerns and firmer rate expectations. Higher yields remain a headwind for gold because the metal does not offer income, which makes bonds more attractive when yields rise.

Markets are now pricing a higher chance of tighter Fed policy, with Reuters citing a 40% probability of a December rate hike. That keeps gold exposed ahead of today’s FOMC minutes, especially if the tone points to persistent inflation concerns or limited appetite for rate cuts.

At the same time, U.S.-Iran peace hopes are helping limit deeper losses. Any credible progress that reduces oil market stress and inflation pressure could soften the dollar and offer short term support for gold.

Economic Calendar Highlights, Today

18:00 UTC, FOMC Meeting Minutes:
The Federal Reserve will release the minutes from its April 28 to 29 meeting. At that meeting, the Fed held the funds target range at 3.50% to 3.75%. A hawkish tone would likely pressure gold, while signs of internal caution or disagreement could support it.

14:00 UTC, U.S. 20 Year Bond Auction:
No consensus figure is listed. A weak auction or higher yield tail would likely weigh on gold by pushing yields higher. FXStreet highlights this auction alongside the Fed minutes as one of today’s main U.S. events.

Analyst Outlook & Bias

Gold’s short term setup remains balanced, but fragile. The metal is holding above the intraday support zone around $4,453 to $4,480, while near term resistance sits around $4,508 to $4,511. A clean break above $4,511 would reduce immediate downside pressure and open the way toward $4,530. If gold fails to hold $4,480, the next downside level to watch is $4,453.

For the next 24 to 48 hours, the bias remains Neutral to mildly bearish unless the FOMC minutes ease rate hike fears or U.S.-Iran headlines weaken the dollar. The main risk is still a yield driven selloff after the Fed release. Gold has support, but for now, bond markets are still setting the mood.