Gold has demonstrated remarkable resilience in the face of a surging U.S. dollar and rising Treasury yields. The surge in the dollar and Treasury yields has been driven by rapidly rising inflation expectations as well as growing concerns about the U.S. fiscal situation.

Gold prices firmed on Wednesday as the U.S. dollar and Treasury yields retreated, while market participants awaited U.S. inflation data for clues on the Federal Reserve's interest rate strategy. Spot gold gained 0.