Analyst: Gold stabilizes as it may see a technical rebound.

After the overnight New York Stock Exchange near-month gold futures fell 2.4%, gold held steady in early Asia trading, which could be a technical rebound. However, Paolo Broccardo of BankPro said in an email, Rising oil prices leading to ongoing inflation concerns may continue to push monetary policy expectations towards greater caution. The CEO added that this could push up U.S. bond yields, putting pressure on non-interest-bearing assets like gold. He further stated, Despite efforts to reopen the waterway, events continuing to occur in the Strait of Hormuz may continue to drive up oil prices and exacerbate inflation risks. Spot gold saw little change, trading at $4520.47 per ounce.